LEXINGTON, Va. (WSET) – Washington and Lee University announced Thursday it will adopt a “need-blind” admissions policy following the largest endowment in the school’s history.
Donations from investor and Washington and Lee alumnus Bill Miller total $132 million.
The new policy means schools will “no longer consider the ability of students and families to pay” when making admissions decisions.
“Bill Miller’s historic gift will ensure our ability to attract and educate the best students in Washington and Lee,” Washington and Lee University President William Dudley said in a press release. “We are extremely grateful for Bill’s unwavering belief in the value of a liberal arts education and his visionary support for the future of the university. This gift will continue to shape the lives of W&L students for generations to come. It will change.”
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Washington and Lee already have what the school calls the “W&L Promise.” This guarantees that students with annual household incomes of less than $150,000 will not pay tuition, and students with annual household incomes of less than $75,000 will not pay tuition, room, and board.
Mr. Miller graduated magna cum laude from the University of Washington and Lee University in 1972 and served as a military intelligence officer before entering the financial industry. He co-founded Legg Mason Capital Management and founded Miller Value Partners LLC.
“The liberal arts education I received from Washington and Lee instilled in me the values and habits of mind that have enriched my life and been the basis for much of my professional success,” Miller said in a press release. said. “This gift will ensure that the same education is available to students who share W&L’s core values of honor, integrity, and civility, and who bring different perspectives, life experiences, and talents that contribute to a more fulfilling college experience. I’m happy.” By being blind to needs, Washington and Lee will be able to convey a simple yet powerful message to attract the most popular students. This means that no matter how modest your financial situation, it does not preclude you from attending W&L. I hope my gift will inspire others to support this wonderful university. ”
Miller also received the University’s highest honor, the Washington Award, on Thursday. The award “recognizes extraordinary philanthropy in support of W&L and other institutions, as well as outstanding leadership and service to the nation.”
