Types of Aid

Financial aid is any assistance made available to a family to help them with educational costs. The primary forms of aid are scholarships, grants, loans, and work-study. Scholarships are awarded by the University and outside agencies based on a student's merit. Other forms of aid, such as grants, loans, and work-study, are generally awarded to a family based on their demonstrated financial need. Financial need is determined by calculating how much a family can contribute to education based on their income and assets.

University Scholarships and Grants

Washington and Lee need-based grants are provided to student's whose families demonstrate financial need. Need is determined by a review of the complete need-based application. Eligibility for these grants is based on an assessment of the family's income and assets. The 2024-2025 academic year deadline for submitting a need-based application is May 1, 2024.  Merit scholarships are only available to First-Year students through the Johnson Scholarship program.

Federal and State Grants

Students who qualify for federal and/or state grants can use those awards at Washington and Lee. The grants will be incorporated into the need-based package provided by W&L.

Loans

While Washington and Lee does not award loans to meet institutionally-determined need, any student who submits the FAFSA will be provided with information on federal loan eligibility. Both student and parent federal loans can be used to cover the family contribution.

Student Employment

Washington and Lee offers a comprehensive student employment program which allows students to use funds earned from work to help meet their educational costs.

Veteran's Benefits and ROTC

Information for admitted veterans regarding how financial aid can be awarded through the Yellow Ribbon GI Enhancement Program.

Budget Worksheet

Download the College Budget Worksheet (Excel document) to help you in the financial planning of your education for the nine-month academic year.

Instructions:

  1. Determine your income sources, such as grants, scholarships, employment earnings, etc., and allocate the resources in the upper sections titled "Income."
  2. Calculate your estimated expenses, including tuition and fees, housing, food, utilities, books, and auto expenses.
    • Don't forget to consider discretionary expenses (fun money) in your estimations.
  3. Complete the "Expenses" section of the form with your calculated expenses.
  4. The "Totals" section will subtract the expenses from the income you allocated, and the difference is what you will need to plan for either through savings, loans, or other resources.