A GUIDE TO MERIT AND NEED-BASED AID
A BRIDGE TO AFFORDABILITY
INSIDE: HOW TO APPLY FOR A PRESTIGIOUS JOHNSON SCHOLARSHIP
Merit and Need-Based Financial Aid
AN INVESTMENT IN YOUR FUTURE
At Washington and Lee, we believe that a college education is about helping future leaders realize their potential to make a difference. The four years you spend on our campus will be a time to explore and grow. We want you focused on your studies and the development of your character, not worried about making ends meet.
You won’t find a better investment than a W&L education. Nor will you find a college that invests more in its students. We provide unparalleled resources to support our students as they pursue world-class experiences.
We know the financial aid process can seem complicated, and we want to make it as easy as possible for you to determine how affordable a W&L education can be. Our comprehensive financial aid program considers your family’s ability to pay and your achievements.
In survey after survey, W&L ranks near the top of the nation’s best college values based on our average cost for students and the outstanding success of our graduates.
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THE JOHNSON PROGRAM FOR LEADERSHIP
AND INTEGRITY
Students who have the intellect to excel and the selflessness to care should have the opportunity to lead.
This full-tuition, room and board merit scholarship addresses the need for civic leaders in a global and diverse society. The scholarship empowers motivated students to devote their talent and attention to the pursuit of their passions unencumbered by financial concerns.
Scholarships are awarded to up to 44 incoming students each year (roughly 10% of the first-year class).
Johnson Scholarships cover tuition and fees, room and board, and $7,000 in funding for a summer experience — a grand total of more than $80,000 per year. Students with additional financial need may also receive grants covering textbooks and supplies, travel expenses and technology costs.
HOW TO APPLY
The Johnson Scholarship application deadline is Dec. 1. A complete application consists of:
o A complete Common Application with supplemental Johnson Scholarship essay OR a complete QuestBridge application (2022 essay prompts at go.wlu.edu/johnson-prompts)
o An official copy of your high school transcript
o Self-reported or official scores from the SAT or ACT (optional)
o Two teacher recommendations
QuestBridge finalists are automatically considered for the Johnson Scholarship, provided they forward their QuestBridge application to W&L. If they wish, finalists may submit the Johnson Scholarship essay, but it is not required.
QuestBridge Non-finalists are invited to apply for the Johnson Scholarship but are not automatically considered. Non-finalists must forward their QuestBridge application to W&L and complete the Johnson Scholarship application essay by Jan. 1.
Finalists are selected based on academic achievement and demonstrated leadership. Writing samples, teacher recommendations and extracurricular involvement play important roles in our review process. Finalists will be invited to campus to learn more about W&L by attending classes, residing in the dorms and interviewing with faculty, staff and current Johnson Scholars.
o One school counselor recommendation and secondary school form SCAN
BRIGHT IDEA: Applying for a Johnson Scholarship ensures that you’re considered for other merit scholarships based on geography or special interest.
TO APPLY
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NEED-BASED FINANCIAL AID
W&L awards more than $59 million in need-based financial aid each year and provides 100% of a student’s demonstrated financial need through grants, scholarships and guaranteed campus employment. All applicants for admission are invited to apply for financial aid. Here are some important terms to know:
■ Cost of Attendance: tuition, room, board, fees and personal expenses for the 2022-2023 academic year totaling $82,094
■ Demonstrated Financial Need: the difference between the cost of attendance and what a family can be expected to contribute based on an assessment calculated from the CSS Profile and FAFSA aid application forms
■ Financial Aid Award: the value of scholarships, grants and student employment awarded by the W&L Office of Financial Aid
■ Net Price: the amount you will actually pay once all grants and scholarships are factored into the total cost
■ 0 dollars in tuition costs — that’s The W&L Promise for families with incomes less than $125,000 with typical assets.
■ 0 loans awarded — students and families won’t be asked to take out loans as a way to meet their financial need.
■ 100% of demonstrated need will be met for each and every admitted student.
100 0 0
WHAT CAN I EXPECT TO PAY?
Many factors contribute to determining how much financial aid a student receives. The table below shows the percentage of families in the incoming class of 2026 who received aid and the average expected family contribution (EFC) based on household income. Keep in mind that these are averages and each student who applies for aid will be reviewed on an individual basis.
Over 57% of W&L students receive need-based financial aid, with an average aid award of $56,253.
AVERAGE FAMILY CONTRIBUTION BY INCOME 2026
Income Range Average EFC % of Families Receiving Aid $0–$29,999 $1,360 100% $30,000–$59,999 $3,336 100% $60,000-$89,999 $6,851 100% $90,000–$119,999 $12,606 100% $120,000–$149,999 $20,846 100% $150,000–$189,999 $32,904 97% $190,000–$249,999 $41,277 91% $250,000+ $74,968 29%
CLASS OF
with complex financial situations are likely to have an expected family contribution that falls above or below the average for their income range.
Families
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My experience at W&L through the Johnson Scholarship has truly transformed me both as a scholar and a global citizen, and I’m grateful for the amazing friends and faculty I have met during my time here.”
ANDREA MY TRANG LEVAN ’22
CALCULATE YOUR EXPECTED FAMILY CONTRIBUTION
The 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. Please take the time to calculate your expected family contribution: 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 tax filing documents from 2021 and 10–15 minutes to complete the Net Price Calculator.
UNDERSTANDING YOUR COST
Here are some important facts to know:
■ 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 15 among all colleges and universities in the U.S.
■ 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 wider range of incomes without using loans.
■ Our financial aid travels with you. Students can apply their funding towards a study abroad program during Fall Term, Winter Term or the full academic year.
■ Our financial aid resources ensure that students can participate in the full college experience, including internship support and career exploration programs.
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FAQS
Q. How does W&L calculate my expected family contribution?
W&L will use the FAFSA and CSS Profile to form an understanding of your family’s unique circumstances. Income, cost of living, home equity, small-business incomes, other children concurrently enrolled in college, guardianship status and existing debt are some additional factors considered.
Q. How accurate are the MyinTuition and Net Price Calculator tools?
When filled out accurately, the financial calculators will provide an estimated financial aid award based on the same methodology used in the actual financial aid evaluation. In most cases involving complex financial situations, the award you receive will vary from the estimate.
Q. Is there an income level at which my family no longer qualifies for financial aid?
Every family’s circumstances are unique and income is just one of several factors used in determining need. Families with annual incomes up to $125,000 with typical assets will have 100% of their tuition costs covered at minimum. Over 30% of families with incomes above $300,000 still receive some form of need-based financial aid. See the chart on p. 7.
Q. How does campus employment work?
Students may be offered part-time employment positions at the university. Placement is determined after a student accepts an offer of admission. Students typically work seven to eight hours a week and can earn $3,000 during the academic year. Students may also work with community organizations as part of the prestigious Bonner Program (go.wlu.edu/bonner).
Q. Does choosing to apply Early vs. Regular Decision affect my financial aid award?
No, it does not affect your aid award. The same evaluation process is used for all applicants.
BRIGHT IDEA: Our financial aid staff offers early evaluations, as well as one-on-one consultations. Schedule an appointment at go.wlu.edu/aid-meeting.
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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.
98 91 97 96 90 1
The percentage of W&L students who entered in the fall of 2021 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 2021 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
N o.
W&L’s 10-year acceptance rate to medical schools
W&L’s ranking among all colleges and universities for return on investment according to a 2015 study by The Economist
Per a Georgetown University Study on education and the workforce
APPLICATION APPLICATION DEADLINE FINANCIAL AID APPLICATION NOTIFICATION DATE EARLY DECISION ROUND 1 November 1 December 1 Late December JOHNSON SCHOLARSHIP December 1 Varies Late March EARLY DECISION ROUND 2 January 1 January 15 Late January REGULAR DECISION January 1 February 15 April 1 Financial aid application deadlines are based on your admission application decision choice (Early Decision 1 or 2 or Regular Decision). 15
IMPORTANT DATES
Washington and Lee University is an equal opportunity institution. Complete statement at go.wlu.edu/eeo .
