Te Aute College is making a comeback.
A recent report by the Education Review Office (ERO) said the school was "now well placed to sustain and continue to improve and review its performance".
The Te Aute Trust board was starved of funding up until last year, when it succeeded in repaying a $9.2 million debt.
The repayment of the debt, which had been incurred on the trust's farming operations, removed a severe interest burden and helped the school to concentrate on improving boarding and learning facilities.
The ERO report said there were "good systems and processes" in place for the governance, leadership and management of the college.