Established in 1856 to educate boys from upper-class families, St. Paul's later became one of the first boys' boarding schools to admit girls and is now home to a diverse student body from all backgrounds. While the school accepted 15% of applicants for the 2020-21 academic year, its 2016–2019 graduates matriculated most at Georgetown, Brown, Cornell, Harvard, UPenn, Yale, and Dartmouth. Although annual tuition is $62,000, St. Paul's provides financial aid to 39% of its students and fully meets any admitted student's demonstrated financial need with an average award of $56,182. The school's endowment is valued at $631 million as of June 2019, ranking third among American boarding schools.