Washington and Lee University
Lexington, Virginia · Private Nonprofit · 14.0% acceptance rate
ROI Score: 91/100 · Exceptional Value
Washington and Lee University scores 91 (Exceptional Value) on CampusROI, one of the highest scores for any liberal arts college in the South. A 3.9-year payback period, $58,900 median 6-year earnings, and a 93.9% completion rate drive the exceptional tier placement. Median debt of $19,500 is low relative to outcomes, and the 10-year earnings of $94,810 confirm strong long-run career trajectory. The net price of $23,781 is competitive for an institution with $68,045 sticker tuition. For the lowest income brackets, W&L's aid is exceptional: families earning $0-30,000 receive a net credit of -$1,777 per year, and the 30001-48000 bracket pays just $75 per year. These figures indicate W&L's endowment-funded aid effectively eliminates cost for most low-income admitted students. The program set is concentrated: Accounting (40 graduates, A-grade), Business Administration (96 graduates), Economics (67 graduates, B+), International Relations (70 graduates), and History (17 graduates) account for the institution's output. W&L's admissions selectivity (14%) and outcomes make it one of the higher-value liberal arts colleges in the CampusROI dataset.
Graduates recoup their total investment in just 3.9 years. The national average for 4-year schools is closer to 8-10 years.
Washington and Lee University
Quick Numbers
| In-state tuition + fees | $68,045/yr |
| Out-of-state tuition + fees | $68,045/yr |
| Average net price | $23,781/yr |
| Total 4-year cost (net) | $95,124 |
| Median earnings (10yr post-entry) | $94,810 |
| Median earnings (6yr post-entry) | $58,900 |
| Median debt at graduation | $19,500 |
| Estimated monthly loan payment | $207 |
| Estimated payback period | 3.9 years |
| 6-year graduation rate | 93.9% |
| Undergraduate enrollment | 1,881 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Washington and Lee University is $68,045/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $23,781/year, or roughly $95,124 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of -$1,777/year, while families earning over $110,000 pay $40,646/year. The school provides substantial aid to low-income students, making it significantly more affordable than the sticker price suggests.
The median graduate leaves with $19,500 in federal loan debt, translating to an estimated monthly payment of $207 on a standard 10-year repayment plan. Against median earnings of $94,810 ten years out, the debt-to-earnings ratio is 0.33 - well within manageable territory.
Net Price by Family Income
What families actually pay after grants and scholarships, by income bracket.
| Family Income | Avg Net Price/Year |
|---|---|
| $0 - $30,000 | -$1,777 |
| $30,001 - $48,000 | $75 |
| $48,001 - $75,000 | $4,497 |
| $75,001 - $110,000 | $8,162 |
| $110,001+ | $40,646 |
Low-income students may receive more in grants than the cost of attendance, resulting in a negative net price.
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families earning under $30,000 receive a net price of -$1,777 per year at W&L -- meaning the institution's aid package exceeds the cost of attendance for the average student in this bracket. The 30001-48000 bracket pays just $75 per year. These figures represent one of the most generous low-income aid structures among liberal arts colleges nationally, driven by W&L's substantial endowment per student. Low-income families with admitted students face effectively zero net cost, which combined with the 3.9-year payback and $58,900 median earnings makes this an exceptional financial opportunity.
Middle-income families ($30K-$110K)
The 48001-75000 bracket pays $4,497 per year -- still very low. The 75001-110000 bracket pays $8,162. Middle-income families earning up to $110,000 pay $18,000-$33,000 total over four years, which against $58,900 median 6-year earnings and a 3.9-year payback is an excellent value proposition. W&L's aid model strongly favors families below $110,000, and the payback period at these price points is among the shortest for any selective liberal arts college.
Higher-income families ($110K+)
Families earning over $110,000 pay $40,646 per year -- approximately $163,000 over four years. At a 3.9-year payback and $58,900 median earnings, even the full-pay case is strong relative to comparable liberal arts colleges. Accounting, business, and economics graduates with year-four earnings of $115,000-$122,000 can recover the four-year cost in under three years at career peak. W&L at full pay is among the more defensible high-cost liberal arts college investments in the mid-Atlantic/South.
Earnings by Major
Top 5 most popular majors at Washington and Lee University with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Business Administration, Management, and Operations | $121,699 | - |
| International Relations | $95,190 | - |
| Economics | $115,837 | B+ |
| Accounting | $118,946 | A |
| History | $100,087 | - |
Earnings reflect median 4-year post-completion (or 1-year where 4-year unavailable). Grades based on debt-to-earnings ratio.
Program Analysis
Why these programs deliver their earnings outcomes.
Accounting
Accounting (40 graduates) is W&L's top ROI program: $81,625 year-one, $118,946 year-four, ROI grade A, with median debt of $16,750 and a debt-to-earnings ratio of 0.205. The year-one figure of $81,625 is strong for any accounting program nationally, and reflects the quality of placement from a selective liberal arts institution into regional and national accounting firms. The four-year trajectory to $118,946 suggests CPA-track progression and potential movement into finance and management roles.
Business Administration, Management, and Operations
Business Administration (96 graduates) is the largest program at W&L: $76,627 year-one and $121,699 year-four (no debt data). Year-one earnings above $76,000 and year-four near $122,000 describe an outcomes profile competitive with top business programs nationally. The absence of debt data limits the ROI grade calculation, but the earnings trajectory is clearly strong. W&L's business program attracts students targeting consulting, investment banking, and corporate finance pipelines.
Economics
Economics (67 graduates) earns $71,737 year-one and $115,837 year-four, with median debt of $23,399 and a debt-to-earnings ratio of 0.326 (ROI grade B+). The four-year earnings of $115,837 is among the highest for any economics program at a liberal arts college in this dataset, reflecting W&L's placement into finance and consulting. The B+ grade (not A) reflects moderate debt relative to year-one earnings, but the long-run trajectory is excellent.
International Relations
International Relations (70 graduates) reaches $95,190 at year four (no year-one data, no debt data). The year-four figure of $95,190 is strong for a political science track program and suggests significant placement into law, government, consulting, and international business. No debt data means ROI grade cannot be calculated, but the earnings trajectory is competitive with peer liberal arts colleges.
History
History (17 graduates) reaches $100,087 at year four (no year-one or debt data). A year-four earnings figure above $100,000 for a humanities program reflects the W&L brand effect on professional school and elite employer placement -- broadly consistent with what Yale's History program achieves. No debt data limits the ROI grade, but for a humanities field, $100,087 at year four is exceptional and indicates law or finance career pipelines absorbing a significant share of graduates.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | N/A | 52.0% |
| 3-year repayment | N/A | 62.0% |
| 5-year repayment | 91.0% | 68.0% |
| 7-year repayment | 95.4% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 14.0% |
| SAT Math (25th-75th) | 720-780 |
| SAT Reading (25th-75th) | 710-760 |
| ACT Composite (25th-75th) | 33-34 |
| Enrollment | 1,881 |
| Pell Grant recipients | 11.3% |
| Avg faculty salary (monthly) | $14,155 |
At 14% admission, W&L is highly selective. SAT 720-780 Math and 710-760 Reading and ACT 33-34 describe a cognitively high-performing admitted class. The institution's honor system -- one of the most prominent in American higher education -- is a cultural commitment, not just a policy. Admitted students are expected to function with high autonomy and integrity. The repayment rate data is imputed (not directly observed) given data limitations, which reduces the completeness score to 0.8. Families should interpret the ROI score with that caveat, though all other sub-scores are based on complete data.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Washington and Lee's Scorecard peer schools include Davidson College, Hamilton College, Amherst College, Averett University, and Bluefield University. Among meaningful academic peers, W&L's ROI of 91 is competitive with Davidson (approximately 88-90) and Hamilton (approximately 87-89). W&L's 3.9-year payback is notably faster than most liberal arts college peers, driven by the strength of business and accounting program outcomes. The 93.9% completion rate is exceptional -- matching or exceeding most comparably selective liberal arts colleges. The primary caveat is data completeness of 0.8 due to imputed repayment data, which means the 91 score should be understood as directional rather than precise.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Washington and Lee University (this school) | 91 | $23,781 | $94,810 |
| Amherst College | 90 | $23,367 | $77,644 |
| Davidson College | 90 | $17,379 | $81,400 |
| Hamilton College | 89 | $28,985 | $78,411 |
| Averett University | 37 | $22,925 | $51,516 |
| Bluefield University | 32 | $25,573 | $48,896 |
Who Thrives Here
Washington and Lee admits 14% of applicants, placing it in the highly selective tier. SAT mid-ranges are 720-780 Math and 710-760 Reading; ACT 33-34. Enrollment is only 1,881 -- one of the smallest selective universities in the country. Pell rate of 11.3% is low, reflecting both selectivity and the high-income backgrounds of much of the applicant pool. The Lexington, Virginia location is rural and isolated, which shapes a campus culture centered on residential and honor-code traditions. Students who thrive here generally seek a tight-knit intellectual community rather than a large-university experience.
The Verdict: The Investment Pays Off
Washington and Lee University is one of the strongest financial investments in higher education. With a total 4-year net cost of $95,124 and median graduate earnings of $94,810 ten years out, the math works decisively in graduates' favor. The estimated payback period of 3.9 years is well below average.
The data highlights several strengths: strong earnings premium over high school graduates, a 93.9% graduation rate, manageable debt relative to earnings.
Median debt of $19,500 is very manageable against $94,810 in annual earnings - well within the financial advisor rule of thumb that total debt should not exceed first-year salary.
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Data: College Scorecard API (U.S. Department of Education)
Vintage: 2024-2025 · Last updated: 2026-03-25
Earnings reflect median outcomes for all federal financial aid recipients. Individual results vary by major, effort, and career path.