The purpose of this research was to study the changes in independent school disciplinary policy over the past 15 years, and the relationship between the disciplinary policy and practice and each school's financial status. Administrators at four independent schools were interviewed on their perception of the strictness of their school's policy and how closely the practice of enforcing the policy followed the guidelines stated in the school's handbook. Administrators were also asked about the objectives of their school's disciplinary policy, to determine the degree to which each policy was care-based or punishment-based. Additionally, data regarding national and local trends for financial aid requests and amount of financial aid granted were collected. The data gathered demonstrated that school administrators do not consider the economic impact of dismissing a student when considering individual disciplinary cases, but administrators do view students as investments and seek to protect their investments whenever possible by counseling students who demonstrate bad behavior and seek to modify their behavior through modeling and positive reinforcement.