Old money loves education and traditions. So, which place might be better to give this education and tradition to a younger generation than exclusive schools eg. Old money schools? Therefore, old money schools and colleges offer a variety of opportunities and are also great places to network with other wealthy people. Additionally, exclusivity is another thing old money loves.
In this article, we will show you how old money schools and colleges work. Also, we will show you examples from different countries and will look at the mysterious sororities and fraternities.
If you want to know what to do with your degree from a prestigious school, check out my article about 17 old money jobs.
Why is education so important for old money?
Old money places a high value on education for several reasons. Firstly, it’s a means to pass down their values and traditions, making old money schools a natural choice. These institutions not only teach but also facilitate networking among families who share common interests and values. Plus, old money kids receive an exceptional education.
Beyond the standard subjects, these schools often offer specialized courses, such as economics and wealth management, preparing students for successful careers or family business management. Leadership skills are also honed, a crucial asset for future CEOs.
Moreover, students can engage in old money activities like tennis, skiing, or golf. While these may be more prominent in old money colleges like Ivy League universities, such activities are also available at old money schools.
If you want to find out more about old money sports and activities, check out my article about them here.
History of old money schools
In the United Kingdom, Oxford University may be the oldest old money college with its date of founding reaching back to the 12th century. Not many other old money schools and colleges could compete with this besides the University of Paris which was founded during the same period.
In the USA, there can’t be any old money colleges or schools in the 12th century as it was only discovered in 1492. It may have gained its independence in 1776 but then the influence of Great Britain has settled. Harvard, Yale, and Princeton have all been founded in the late 17th to early 18th century.
Most actual old money schools have been founded in the late 18th to 19th century.
In order to be dressed accordingly, check out my article about old money school outfits for boys and girls here.
Definition of old money schools/colleges
With the historical overview, we may ask ourselves: What defines an old money school as old money? We will share the important criteria now:
- Private schools/colleges
- High entry fee
- Tradition and Legacy
- High academic standard
- Great buildings
- Strong alumni networks
As most of these schools are not only for old money, other wealthy individuals can send their children there. Therefore, sororities and fraternities form to keep old money together. In recent history, also these groups inside old money schools and especially colleges soften their entry barriers.
Old money schools and colleges in the USA
The USA is probably the first place you will think of when it comes to old money. As there are many ones, we will show you the most prominent ones. For old money schools, we have:
- Phillips Exeter Academy: This coeducational boarding school near Boston is one of the oldest old money schools with a bright past.
- Choate Rosemary Hall: The roots of this school lay in 1890. This prestigious place in Wallingford Connecticut has alumni on its list like the Kennedys. If this is not enough for you, the annual fee of 63,000$ guarantees you high exclusivity.
- Groton School: Groton School offers wealthy families a great school with a huge area of 385 acres in Massachusetts. It even lets your children live in the residential school so they don’t disturb you during your meetings and other activities.
- The Hill School: This boarding school offers you great leadership and academic training. It is located in Pennsylvania and has prestige history and has brought up celebrities like Taylor Swift.
Almost any of these schools are boarding or preparatory schools. There are also K8 schools that are considered old money but as they are highly regional without a strict entry barrier, they are not listed here.
Most of the boarding schools discussed here, are also preparatory schools that will prepare you for the famous ivy league universities.
Get to know more about old money families in my recent article.
Ivy League universities
Some of the most famous old money universities are the Ivy League universities, which these previously mentioned preparatory schools will prepare you for. They are 8 universities that are known for exclusiveness and academic excellence. The 3 most famous ones are:
- Harvard University: This university has been established in 1636 and is located in Cambridge, Massachusetts. It is known to be one of the if not the hardest universities to exist with extraordinarily low acceptance rates. Not only does it offer great facilities, but also it provides access to innovations, research, and a strong alumni network.
- Yale University: Yale University, established in 1701, is located in New Haven, Connecticut. It has a unique residential system consisting of 14 residential colleges forming a close knit. Here, you can feel the strong connection between arts and public service. It doesn’t fall short on the academic side though.
- Princeton University: As one of few universities, Princeton offers financial aid. This makes it easier for non-wealthy students with great intellect to attend Princeton. Founded in 1756 in Princeton, New Jersey, it provides a prestigious campus. Besides high-quality education, you can also attend dining clubs for an extraordinary experience.
The other Ivy League universities are Columbia, University of Pennsylvania, Brown, Dartmouth, and Cornell. Together they form the Ivy League located in the northeast of the USA.
Importance of Alumni and Legacy Giving with old money
As we’ve heard a lot about alumni, we will now show you why they are so important for old money. As old money schools, colleges, and universities have brought up some of the most influential figures, the list of successful alumni is long. They do not only serve the purpose to make the school prominent and support it financially though.
Also, the alumni serve as role models and inspirations for the younger generation to strive for something great. Additionally, they serve the purpose to host events and attract sponsors and future students. In these events and generally through meetings, students and parents come together to meet and find potential business partners.
Importance of fraternities and sororities with old money
Other communities in these schools and especially colleges and universities, are sororities and fraternities. Though portrayed as outdated and mysterious, these clubs serve many purposes.
These Greek organizations serve a long history and therefore, function as an alumni network on their own. Here, the exclusivity is even higher, allowing for more detailed and generally direct advice. As these organizations share the same values, they can develop business ideas and make changes together.
If you want to know more about old money clubs and communities as well as Greek organizations, check them out here.
Old money schools and colleges in the UK
Old money has been popular earlier on in the United Kingdom and swapped over to the US. So, we will see some of the oldest old money schools and colleges here.
- Harrow School: Starting with Harrow School, this educational institution has been around since 1572. It is located in London at top of the Harrow Hill and has famous alumni like Winston Churchill.
- Eton College: Founded in 1440 by King Henry VI, this school has been a place for old money ever since. With its excellent academics, traditions, and residential system- each student belongs to one of 25 houses- this school is truly extraordinary. It may even sound like Hogwarts to some. As you may not learn witchcraft there, you will surely develop leadership and participate in numerous old money activities.
- University of Oxford: This well-known facility has been founded in the 12th century. It has a leading alumni network and access to breathtaking research and innovation technologies. As only the best of the best are accepted here, you will find yourself surrounded by like-minded individuals. As a benefit, you will get a master’s degree on top when graduating.
- University of Cambridge: Founded in the same century, this prestigious university has a lot to offer. Besides its collegiate system and academic excellence, it offers beautiful libraries and museums. Also, you get access to one of the greatest alumni networks. For fun, you can participate in many sports and even punt through the river Cam.
As you can see, the old money schools, colleges, and universities in the UK are most likely the most prestigious ones. They offer great education but are not cheap either.
| College/School | Harrow School | Eton College | Oxford | Cambridge |
|---|---|---|---|---|
| Annual fee in $ | 42,000-46,000 | 42,000-48,000 | 20,000-38,000 | 20,000-35,000 |
Old money schools and colleges in Switzerland
From the UK we travel a bit to the south and find ourselves in the rich country of Switzerland. As the general wealth in this country is extraordinarily high, we can surely expect unique private schools:
- Institut Auf Dem Rosenberg: This prestigious school is surely one of the most expensive old money schools in the world. Located in St. Gallen, which by itself is a unique travel destination, it will cost you 150,000$ annually to send your offspring there. Therefore, your children will receive probably the most exclusive network of students and extraordinary academic wisdom.
If you want to find out more about old money travel destinations around the world, check them out here.
- Institut Le Rosey: This exclusive school is known for its building looking like a UFO. Actually, this prestigious hall features a concert hall, a library, a cafeteria, as well as conference rooms. Besides that, this school offers you great opportunities to participate in sports. Also, you get special multilingual education and leadership programs. The exclusivity comes with its price of 130,000$ annual fee.
- Aiglon College: This private boarding school in Ollon has beautiful Alpine scenery. Additionally, the great alumni network and great internationality make it unique. Sadly, we cannot find out its annual fee but it will not be cheap, I promise.
- College du Leman: This private boarding school offers you special multilingual education. Located in Versoix, this old money school has a great alumni network and free time activities. They keep their mouth shut regarding their annual fees which may speak for itself.
As you can see, Switzerland offers some of the most luxurious and exclusive old money schools. They also are on top regarding their annual fees.
Old money schools and colleges in Germany
It may not have as many as the UK, Switzerland, or the USA, but Germany also has some old money schools and colleges to offer:
- Schule Schloss Salem: This German residential school has the concept of teaching its students from the 5th grade. Founded in 1920, this school fosters a sense of responsibility and care for others. Also, you will be educated a lot in nature and have access to a great alumni network.
- Louisenlund: Heading to the north of Germany, the private boarding school Louisenlund impresses with its great building near the Baltic Sea. Besides theoretical skills, this school also teaches your children many things by experimenting. Also, you can find them participating in many old money activities. As they openly share their prices, we can see the annual fees ranging from 17,400€ to 24,204€ depending on the grade you’re children are at.
- Neubeuern: Heading back to the south, specifically Bavaria, we find Schloss Neubeuern. This old money school holds a beautiful castle as its main building. Here, your children will be presented with academic excellence and a multinational community. Besides specific leadership and character development training, they will experience education outside the building.
Generally, German old money schools share the system of taking children from the 5th or 6th grade. This, and their different educational approaches make them different and earn their place in this list.
Old money schools and colleges in other countries
As other countries also offer great old money schools and colleges, we will look at some now along with a short description:
- Lycée Louis-le-Grand: This prestigious old money school in Paris has been founded in 1563. This preparatory school surprisingly has no annual fees, meaning you will be chosen by grades mostly. French President Macron has been educated in these prestigious halls.
- Keio University: This private elite university in Japan is one of the most renowned and historically important ones in Asia. It embraced a Western style and stands for outstanding educational programs. It has to offer some of the most exclusive old money clubs and also has international members.
- Collegio Romano: The monumental building of this college is something special for itself. Standing in the middle of Rome and being founded in 1551, this Jesuit educational institution is very special. This college offers an outstanding alumni network as well as academic excellence.
- Upper Canada College: This college, similar to German ones, accepts children from kindergarten to Grade 12. The exception is that it is for boys exclusively. Besides a focus on athleticism and academic programs, this school also offers a beautiful campus.
- Bishops Diocesan College: This boys-only boarding school in Cape Town not only has an incredible view and campus. It is also known for its outdoor activities, especially rugby. Here, you can see the British influence very well. With a great alumni network and outstanding education, this old money school has earned its place on the list.
- The Loreto Schools: As we’ve talked about boy-only schools, we have to mention some for girls exclusively too. This network of schools has some in Australia, India, Spain, and many more. It is Catholic as you would assume and offers great education.
What is the future of old money schools?
With all these examples and forms of old money schools, colleges, and universities, we must ask: Are they future-proof, and if not, why?
In my opinion, these schools are by far the most future-proof ones. Due to not as many regulations- because they are private- and more financial power, they can adapt to changes better and also have better equipment and better academic excellence. Also, there will always be rich people that want to send their offspring to exclusive schools. Alumni networks and traditions and values they share are crucial factors for their future.
Lastly, these schools and colleges have global connections and flexible curricula and therefore, can try out new things and revolutionary teaching methods better than public schools.
Final thoughts on old money schools
As you can see from this article, old money schools, universities, and colleges are highly exclusive and also expensive educational institutions. They offer some of the best education in the world and have stunning buildings.
Besides all this, alumni networks and private old money clubs are also part of their lifestyle. As most of them are boarding schools, the students form connections early on. These will benefit them for a lifetime and forge their path to success.