NBOA President and CEO
Last week, I had the pleasure of attending the 2026 Financial Aid Institute, hosted jointly by NAIS, E3n and NBOA. This two-day, in-person learning experience brought together leading experts and practitioners to explore emerging trends and best practices in financial aid administration. The importance of getting financial aid “right” for schools was punctuated by a packed room and three national independent school associations coming together to advance this discussion supported by research, expert practitioner perspectives and an emphasis on a collaborative approach among the head of school, enrollment leaders and business officers.
There, I had a chance to engage with many NBOA members and friends, including Mark Mitchell, vice president of access & affordability at NAIS and a member of the NBOA Board of Directors. Before the Institute, Mitchell joined me on the Net Assets podcast to discuss the distinction between access and affordability, the financial trends he sees across the sector, and the challenges schools face in serving a broader range of families while staying true to their missions. The following is an excerpt from that conversation.
Shields: Your title at NAIS includes “access” and “affordability.” These words are important, and sometimes people use them interchangeably. When you talk about access, what do you mean?
Mitchell: There are two levels. First, it’s the idea that schools remain a viable choice for families — that they should be accessible and affordable enough for those who are willing and able to choose them. Considering the ways that our schools’ sticker prices change and grow relative to the value we provide is something that always needs to be top of mind.
And then there's a second layer of definition.
- Access tends to be more about supporting mission-aligned students from lower income backgrounds for whom access is totally out of reach, not even a possibility.
- Affordability is more about supporting families for whom the full sticker price is just out of reach — which is more about how you address or help the family who could afford a slightly lower price.
A challenge that's perennially hard for schools is how to be as accessible as possible and maintain this affordability posture at the same time. That’s why it’s so important to have that distinction between those terms.
Shields: Where do you think the majority of independent schools live when it comes to their financial aid strategies? Are we more access-oriented or are we more affordability-oriented?
Mitchell: Ever since the 2008 recession, schools have been leaning more toward the affordability side of the spectrum. Our data shows that schools are seeing fewer applicants earning $125,000 and below while seeing more families earning over $250,000 asking for aid. When it comes to who is receiving aid, the same shift is happening. It’s not just that fewer lower-income families are applying for aid, but also fewer lower-income families are receiving aid.
At the same time, schools are allocating an increasing share of their budgets to financial aid. When we look at the recession, schools were having a reaction to financial sustainability concerns, trying to stay full and enrolled without an outsized growth in financial aid spending, all while trying to put a lid on other types of spending. So that’s a trend we’ve seen for the past 15 years or so — an affordability imperative.
Shields: And that trend gives you pause. Am I hearing that correctly in your voice? And if so, can you explain to us why?
It's a challenging issue to solve, but I believe it's where conversations about strategy, innovation and fundraising can come together to drive meaningful solutions. It can't be an either/or — it's got to be a both/and.
Mitchell: One of the challenges I think is how to achieve a “both/and” mindset, and move away from an “either/or” mindset. It’s not as if families who get $5,000 don’t need it, but when you’re taking away from one priority in order to serve another one, the question is, How can we serve both?
It's a challenging issue to solve, but I believe it's where conversations about strategy, innovation and fundraising can come together to drive meaningful solutions. It can't be an either/or — it's got to be a both/and.
Shields: Would you say that financial aid administration is more art or science?
Mitchell: In independent schools, it's more art because there are no one-size-fits-all pathways. With different markets, different missions and different resources available to schools, it’s hard to create a standard that would apply to all schools. There are so many gray areas and tricky situations that, while it's important for schools to have practices and policies that are reliable or standard within the school, you must have room for flexibility and professional judgment. You need room to say, “Yeah, we usually do [x], but given this set of circumstances for this family, we’re going to do [y].”
Having structures and systems for knowing how to get award decisions to people in effective ways allows you to apply the artfulness.
The science of financial aid is a good backbone and good foundation. Things like a strong methodology, a formula that works for your school, give you a way to forecast what your aid budget should be from year to year. Having structures and systems for knowing how to get award decisions to people in effective ways allows you to apply the artfulness.
Shields: Given everything we've discussed about financial aid and the long-term sustainability of independent schools, what advice would you offer to business officers who are committed to maintaining strong financial aid programs but ultimately must ensure their schools remain financially viable? How can they balance those two priorities effectively?
Mitchell: The first thing that comes to mind is the old saying: If you don't know where you're going, any road will take you there. For me, a big part of the business officer's role is helping the institution clearly define what the school is trying to achieve through its financial aid investments. Are we focused on expanding access, increasing socioeconomic diversity, strengthening enrollment, supporting mission-aligned students, or some combination of those things?
Sometimes that goal may change from year to year or after a few years. But I think for business leaders, it's all about making sure [the rest of leadership] is clear on what your school is trying to accomplish. Because if we’re not clear, we can’t tell if an approach is working or not. We can see trends, but we can’t tell if it’s a good or bad trend because we’re not sure where we’re trying to go. But when that goal is clear, it becomes easier to align decisions about resource allocation, policy development and operational practices.
Jeffrey Shields, FASAE, CAE
NBOA President and CEO
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