Washington University in St. Louis will make an unprecedented $1 billion investment in financial aid for students, according to Chancellor Andrew D. Martin. This funding will allow the university to achieve its goal of adopting a need-blind undergraduate admissions policy, effective immediately.
The investment, which the university is calling Gateway to Success, is possible largely as a result of the extraordinary 65% return on the university’s Managed Endowment Pool for the 2020-21 fiscal year. It includes $800 million in endowed funding to support need-blind undergraduate admissions, which means the university will not consider an applicant’s financial situation when making admissions decisions while still meeting 100% of demonstrated financial need for admitted undergraduates. An additional $200 million will be designated for financial aid for graduate and professional students in the Brown School, the School of Law and the School of Medicine, as well as in business, engineering, art and architecture, and Arts & Sciences.
“This is a proud moment for us as an institution and I’m grateful to all who have contributed along the way.”
Chancellor Andrew D. Martin
“I could not be more pleased that we’re making good on our promise to make a Washington University education more accessible to all qualified students, regardless of their financial background,” Martin said. “Since I became chancellor nearly two years ago, becoming need-blind has been a top priority. Building on the momentum that began with our previous administration, we’re finally making it happen. This is a proud moment for us as an institution and I’m grateful to all who have contributed along the way, including generous donors who have provided scholarships and other financial support for our students.
“At the same time, however, our work is far from done. Admitting the best students from all socio-economic backgrounds is obviously the first step. Making sure they have the support and resources to succeed once they’re here is also critical. We must redouble our efforts to provide all of our students with the tools they need to thrive and participate fully in our world-class educational experience while on campus. We take this responsibility seriously. Continued philanthropic support from alumni, parents and friends will be critical to building on this investment in our students and ensuring access to an excellent WashU student experience for generations to come.”
Read full story in The Source