<p>Wow, those numbers are really interesting in comparison to Exeter’s. According to the link posted above, at Exeter net tuition covers only 30% of the operating budget (compared to Choate’s 62%), and Exeter’s endowment draw covers 50% of the operating budget (compared to Choate’s 22%). For both schools, annual giving covers 10% of the operating budget and “other income” is similar (8% for Exeter and 6% for Choate). So Exeter gives out more FA or costs more to run (on a per student basis), or both.</p>