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YOUR FUTURE STARTS NOW
At Washington and Lee University, we pride ourselves on our graduates’ success. Our student retention and four-year graduation rates — 97% and 92%, respectively — are among the highest in the nation. The preparation and support our students receive through personalized attention, small classes, hands-on experiences, and generous financial aid set them up for success — both immediately and for the long term.
A W&L education is an investment. While you invest in your future, we invest in you. Our classes are small. Our course catalog is expansive. And we are the only top liberal arts college in the country to offer accredited undergraduate programs in both business and journalism. Add to that thriving visual and performing arts programs, 24 NCAA Division III varsity sports, a wide range of student a ctivities, and outstanding job and graduate school placement rates, and you get an education that is worth every penny — and one we strive to make affordable.
We extend our investment through comprehensive financial aid and scholarship programs that consider both your financial circumstances and your personal achievements. More than half of W&L students receive financial assistance, with an average aid award of more than $65,000.
Our goal is to provide the best education to the greatest number of students across the broadest range of incomes. We guarantee to meet your family’s demonstrated financial need — without loans — making a W&L education a real possibility for you, and for every student.
Sally Stone Richmond Vice President for Admissions and Financial Aid
THE W&L PROMISE
Need-blind admissions review
Students are admitted to W&L without regard to their ability to pay.
A guarantee to meet 100% of your demonstrated financial need
Each and every admitted student will pay only what they can afford to attend Washington and Lee University.
Financial assistance you don’t have to repay
At W&L, each student’s demonstrated financial need will be met through grants and student employment — not loans — so you can graduate debt-free.
Free tuition, housing, and meals for students with an annual family income of $75,000 or less
Free tuition for students with an annual family income of $150,000 or less
Students may also be eligible for additional grants above the stated minimums to cover other educational and personal expenses.
Our financial aid policies have no cap. Many families with incomes greater than $150,000 also receive need-based financial aid. Typically, 60% of all incoming first-year students receive need-based aid, with an average aid award greater than $65,000.
See the grant aid by income chart on pg. 10 for a quick reference for your family.
FACTS AND FIGURES
COMPARING COLLEGE COSTS
To determine your cost for each school on your list, you’ll need to know these terms and their definitions.
Cost of Attendance: the sum total of tuition, housing, meals, fees, and personal expenses for a single academic year at a given college
Demonstrated Financial Need: the difference between the cost of attendance and a family’s expected contribution
Expected Family Contribution: a calculated estimate of how much a family can afford to contribute toward a student’s college costs after assessing a family’s income and assets as reported on the CSS Profile or FAFSA aid applications
Financial Aid Award: the value of scholarships, grants, student employment, and other forms of financial assistance awarded by a college
Net Price: the amount you will actually pay once your financial aid award is deducted from the cost of attendance
Beginning in 2024, families completing the FAFSA will see the term Expected Family Contribution (EFC) replaced by Student Aid Index (SAI). The new figure replaces a dollar amount with an index number that colleges use to calculate demonstrated financial need. The lower the SAI, the higher the financial need and the greater the eligibility for federal financial aid programs.
costs let’s talk
APPLES TO APPLES
W&L is often surprisingly more affordable than in-state public institutions and less competitive private colleges that offer merit awards.
Let’s take a closer look at comparative costs between colleges. The table below shows the breakdown of costs of attendance, aid awards, and net prices for three representative schools. Consider a family with an income of $150,000 and assets typical of their income range.
Washington and Lee has the highest published cost of attendance, but the family pays the lowest actual cost and has no debt, thanks to our generous need-based aid.
The private college has a lower published cost of attendance and offers merit scholarships to strong students but still has a smaller overall financial aid award, resulting in a higher net price for the family than at W&L.
The public flagship institution has the lowest published cost of attendance but offers the least financial aid. Its aid award also does not meet the full demonstrated need, resulting in the highest net price and debt at graduation.
Keep in mind that while doing your research and using financial aid estimators can help you compare expected costs, you won’t know your full financial aid package until you apply.
QUESTIONS YOU SHOULD BE ASKING ABOUT AID
Every college approaches financial aid differently. Here are some questions you can ask to make comparing costs easier.
WHAT’S INCLUDED IN A FINANCIAL AID AWARD?
Q. What types of financial aid are available?
W&L awards institutional, federal, and state grants based on student eligibility. Work-Study is an additional aid award offered as a part of the financial aid package. Work-Study awards are $3,000 for the academic year, and a student typically works seven to nine hours per week to earn the full amount.
Q. Are housing and meals covered by financial aid?
Housing and food costs are considered part of the cost of attendance and used to calculate your demonstrated need. At W&L, students are required to live on campus for three years (with options for a fourth year) and students may select a full or partial meal plan after their first year — all first-year students are required to have a full meal plan.
Q. Does financial aid cover study abroad?
Students can apply financial aid toward a study abroad program during the Fall Term, Winter Term, or the full academic year. W&L Spring Term abroad programs may have additional costs associated with them, and need-based aid is available.
Q. Is financial aid renewable for all four years?
At W&L, you must reapply for financial aid each year, but aid is renewable and typically remains consistent unless there are significant changes in your family’s finances.
BRIGHT IDEA: Compare college costs using the U.S. Department of Education’s free College Scorecard website at collegescorecard.ed.gov.
HOW IS AID DETERMINED?
Q. What financial aid applications are used to determine financial need?
W&L uses the FAFSA and CSS Profile to form an understanding of your family’s unique circumstances. Income, assets, cost of living, home equity, small-business incomes, other children concurrently enrolled in college, guardianship status, and existing debt are some factors considered.
Q. Does the college award merit-based aid (i.e. scholarships)?
W&L is proud to offer the Johnson Scholarship for Leadership and Integrity — a full-cost-of-attendance merit scholarship awarded to about 10% of the entering class. We also offer a select few full-tuition merit scholarships awarded on the basis of geography or special interest.
Q. Is a separate application required to be considered for merit-based aid?
W&L awards all merit-based scholarships through a competitive supplemental application process. The Johnson Scholarship is a premier scholarship program that attracts student leaders in and out of the classroom.
WHAT ABOUT LOANS?
Q. Does the college use institutional loans to meet financial need?
At W&L, loans are not included as part of the university needbased package, but eligible federal or state loans may be offered to families as an option for meeting the estimated family contribution.
Q. Why do some students/families take out loans?
A loan can be used to cover the family contribution. A federal student or parent loan may have a lower interest rate than other family expenses or sources of income, like an auto or home equity loan, and thus may make good financial sense. These loans tend to have low interest rates and manageable monthly payments.
Q. What percentage of students take out loans?
Roughly 30% of W&L students will assume a college loan, at an average value of $19,500. Over 99% of W&L graduates are paying off their loans successfully.
WHAT CAN I EXPECT TO PAY?
Many factors play a part in determining how much aid a student receives. The table below estimates expected contribution based on household income. The table displays actual information based on students enrolling in the W&L Class of 2028 who submitted a complete need-based application and, within the listed household income ranges, what each family was expected to contribute.
Keep in mind that these are sample cases, and each student who applies for aid will be reviewed on an individual basis.
CLASS OF
CALCULATE YOUR FAMILY’S CONTRIBUTION
Our MyinTuition and Net Price Calculator tools provide an estimate of the amount your family will need to contribute toward the cost of attendance for one year at W&L: go.wlu.edu/estimate-aid.
BRIGHT IDEA: MyinTuition is quick to complete and provides a rough estimate. The Net Price Calculator is more involved but also more accurate. You’ll need recent-year tax-filing documents and 10–15 minutes to complete the Net Price Calculator.
SOME THINGS TO KEEP IN MIND:
When comparing colleges, a lower sticker price does NOT always equal a lower cost for you and your family.
The amount of aid a school can award is dependent on its resources and endowment.
W&L’s endowment-per-student ratio ranks in the top 25 among all colleges and universities in the U.S. That’s money we can spend on your education.
Thanks to its ample resources, W&L is able to award larger sums of need-based aid to a greater number of families across a broader range of incomes without requiring loans.
Our financial aid travels with you. Students can apply their funding toward a study abroad program during Fall Term, Winter Term, or the entire academic year.
Our financial aid resources ensure that students can participate in the full college experience, including internship support and career exploration programs.
A WORLD APART
First-year
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PROGRAMS THAT EMPOWER
THE JOHNSON SCHOLARSHIP
FOR LEADERSHIP AND INTEGRITY
The Johnson Scholarship empowers motivated students to devote their talent and attention to the pursuit of their passions, unencumbered by financial concerns, and to contribute to the intellectual and civic life of the W&L campus and of the world at large in years to come.
Scholarships are awarded to up to 44 incoming students each year (roughly 10% of the first-year class).
At a minimum, scholarships cover tuition and fees, housing and food, and $10,000 in funding for a summer experience — a total of more than $87,000 per year. Students with additional financial need may also see their scholarship amount increased to cover books and supplies, travel expenses, and technology costs.
Finalists for Johnson Scholarships participate in an on-campus competition, with all expenses paid by the university.
Applying for a Johnson Scholarship also ensures that you’re considered for other merit scholarships based on geography or special interest.
QUESTBRIDGE
Washington and Lee partners with QuestBridge, a leading national nonprofit organization that assists low-income, high-achieving students with admission to some of the nation’s finest institutions.
Almost 10 percent of each entering class at W&L is made up of QuestBridge students.
PARTNER COLLEGES
Amherst College
Barnard College
Bates College
Boston College
Boston University
Bowdoin College
Brown University
California Institute of Technology
Carleton College
Case Western Reserve University
Claremont
McKenna College
Colby College
Colgate University
College of the Holy Cross
Colorado College
Columbia University
Cornell University
Dartmouth College
Davidson College
Denison University
Duke University
Emory University
Grinnell College
Hamilton College
Harvard College
Haverford College
Johns Hopkins University
Macalester College
Massachusetts Institute of Technology
Middlebury College
Northwestern University
Oberlin College
Pomona College
Princeton University
Rice University
Scripps College
Skidmore College
Smith College
Stanford University
Swarthmore College
Tufts University
University of Chicago
University of Notre Dame
University of Pennsylvania
University of Richmond
University of Southern California
University of Virginia
Vanderbilt University
Vassar College
Washington and Lee University
Washington University in St. Louis
Wellesley College
Wesleyan University
Williams College
Yale University
Interested in becoming a QuestBridge scholar? The National College Match for high school seniors opens in late summer, and the College Prep Scholars Program for high school juniors opens in early February. Join the mailing list.
A WORLD OF OPPORTUNITY
W&L provides the resources and encouragement to help you get where you’re going, including financial support and scholarships for study abroad, internships, research, and volunteering.
W&L’s Johnson Opportunity Grants provide summer funding for rising sophomores, juniors, and seniors to support travel, living expenses, and additional costs associated with a passion project. Students have filmed documentaries, traveled the TransAmerica trail, volunteered at a remote medical clinic in Peru, interned in the British Parliament, shadowed physicians at the Mayo Clinic, and more.
SUPPORTED STUDENTS EQUAL SUCCESSFUL GRADUATES
Graduates from liberal arts colleges earn 25% more over the span of a 40-year career than graduates from other types of institutions. Out of more than 200 such colleges in the country, the net present value of a W&L education is third highest at $1.83 million.
Per a Georgetown University Study on education and the workforce
Washington and Lee University is an equal opportunity institution. Complete statement at go.wlu.edu/eeo . N o. 97 92 94 96 90 1
The percentage of W&L students who entered in the fall of 2024 and returned for their second year
W&L’s four-year graduation rate, the third highest of all U.S. four-year colleges and universities
The percentage of the W&L class of 2024 who secured full-time jobs or enrolled in graduate studies within six months of graduation
W&L’s 10-year acceptance rate to law schools
W&L’s 10-year acceptance rate to medical schools
W&L’s ranking among all colleges and universities for career preparation, according to a 2023 Wall Street Journal poll.
Being able to attend a premier liberal arts university knowing that I will be graduating debt free because of the Johnson Scholarship is a dream. I’ve since been able to foster incredible relationships with professors, study abroad, and conduct meaningful research; to say I am grateful would be an understatement.
— TRIP WRIGHT ’25
A big reason W&L was even on my radar is the financial aid. I had an opportunity to attend with a QuestBridge scholarship. Some of the reasons why W&L was so high on my list were the football team, the small class sizes, the low student-to-professor ratio, and the beautiful outdoor spaces.
— MARCUS PAYNE ’25
In addition to the aid my family received to help me attend W&L, I’ve also acquired aid to study abroad twice and pursue a photo tour of the U.S. One of the best things about W&L is that if you have a great idea or project, there are always resources to help you achieve it.
— JESS KISHBAUGH ’24
KEY TAKEAWAYS
You should not assume that the published sticker price for a college’s cost of attendance is what you will pay — once financial aid is factored in, your actual cost of attendance may surprise you. And the only way to know is to apply.
W&L’s financial resources allow us to meet 100% of your need, meaning you pay only what you can afford to attend.
W&L’s Johnson Scholarships are awarded to high-achieving students and cover at least tuition, housing, and meals, plus additional funding to pursue summer opportunities.
W&L is consistently ranked as a top-value university for the rare combination of generous financial aid and exceptional student outcomes. College is an investment in your future, and a W&L education is a sound one: high retention, graduation, and job placement rates are proof that our graduates are well prepared and successful.
We want you to understand we are committed to making a W&L education affordable. Take the time to figure out if everything else about W&L is right for you, and strike up a conversation.
COME FOR A VISIT
Lexington, Virginia, is consistently named one of the best small towns in the Mid-Atlantic, hosts two colleges, and is comfortably nestled among the Blue Ridge Mountains, with larger cities a short drive away.
Here, you’ll have the space to breathe, to be inspired, and to focus on your educational experience. Top students, faculty, and visiting scholars from across the country and around the globe bring the world to Lexington.
Charlotte
Charlottesville
Raleigh-Durham
Roanoke
Washington, D.C.
Williamsburg
Winston-Salem
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EXPLORE
Meet us online, look for us at a college fair, or consider adding Lexington, Virginia, to your stop on an upcoming college tour.
We invite you to visit campus for an information session and tour. Rising high school seniors are also invited to interview with a member of our staff.
Scan the QR code for virtual tours, videos, social media links, and more.