Prep Schools' Endowments Skyrocket

Endowments at the nation’s elite prep schools have exploded over the past decade, mirroring the trend at top colleges, reports the New York Times. America’s older schools have fared best: the endowment of Phillips Exeter Academy in NH has broken $1 billion, double its amount in 2002, while Phillips Academy in Andover holds more than $800 million.

The money funds world-class libraries, museums, even made-to-order omelettes in dining halls—as well as financial aid programs. “We are trying to create a level playing field,” says Exeter’s principal. Critics, however, see a widening gap between such private schools and their often-strapped public counterparts. (More private schools stories.)