Early in the history of Gilman School, the trustees acknowledged that there were qualified students who lacked the financial resources to pay for tuition. Members of the Board recognized that not only would these boys benefit from a Gilman education, they would also enrich the School. These trustees began to fund the education of a few students at the School. Their generosity created the foundation for the current financial aid program. Originally this system only provided financial aid to high school students; the program was later expanded to assist students at all grade levels.
Today, the money for Gilman’s financial aid program is generated by endowed funds, special gifts to the School, and The Gilman Fund, the School’s annual giving effort. Now, through the generosity of many benefactors, Gilman provides assistance to more than 20 percent of the student body in all three divisions. The success of the financial aid program is reflected in the talented and diverse student body that comes to our campus each day.
Financial Aid Program
Gilman School awards financial aid grants based on demonstrated need to families of accepted students. In order to determine financial need, Gilman uses the School and Student Service for Financial Aid (SSSFA) in Princeton, New Jersey.
Areas of Importance in Determining Financial Aid
- Total family income
- IRS forms and schedules
- Number of children in the family and number of children in tuition-charging schools
- Net worth-including real estate, bank accounts, and other investments
- Number of cars, recreational vehicles, and boats
- Whether juniors or seniors have jobs
- Discretionary expenditures
Financial Aid for Lower School Students
Financial aid in the Lower School is awarded as a cash grant, which is money that is applied directly to tuition.
Fee Policy For Lower School Financial Aid Students
All Lower School material costs are included in tuition, and additional expenses are charged at a reduced rate.
Financial Aid for Middle and Upper School Students
Financial aid is awarded utilizing either cash grants and/or loans depending upon the circumstances of the family and the age of the student.
Cash Grant: An award of money applied directly to tuition. Available at all grade levels.
Loan: Gilman offers low interest loans (up to $3,000) to students and their families in grades 6–12. These loans, together with cash grants, may be a part of the financial aid package. Families are not allowed to borrow more than $10,000 over the course of their sons’ careers at Gilman. Loans are offered below commercial interest rates and retain the same interest rate throughout their lives. Students and families are required to pay interest on the loan immediately on a quarterly basis. Detailed repayment schedules are issued with individual loans. Interest and principal will be paid after the student graduates from Gilman.
Fee Policy for Financial Aid Students
All pertinent fees, such as for books and athletics, are reduced in proportion to the percentage of financial aid a family receives.
Parents of Grade 11 and 12 Students Applying For Aid
It is the consensus of the Financial Aid Committee that grade 11 and 12 students should contribute from summer and seasonal work to their Gilman education: Grade 11: $400 Grade 12: $500