Prep School Pain: Exeter Endowment Down 22%

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It’s not just universities. The ugly market is taking its toll across the world of elite education. The latest victim: fancy prep school Philips Exeter (sniff), whose endowment fell 22%. That’s actually not that bad, perhaps because unlike Harvard and Yale, they didn’t go crazy with the alternative investments. As such, no layoffs, just a pay freeze for now:

Dealbook: In a letter to the Exeter community, Tyler C. Tingley, the principal, said that the academy intended to keep up its commitment to providing full financial aid to students whose families earn $75,000 or less. He also said the school was committed to retaining the staff which are at the “heart of what makes Exeter Exeter,” as he put it.

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