ST. LOUIS — Washington University on Monday announced it is investing $1 billion in its financial aid programs and will no longer consider an applicant’s financial situation for undergraduate admissions.
The university said the investment, through an initiative it is calling Gateway to Success, is possible through the 65% return on its managed endowment pool for the 2020-2021 fiscal year.
The investment includes $800 million to support need-blind undergraduate admissions and $200 million in financial aid for graduate and professional students at Wash U's Brown School, the school of law, the school of medicine, business, engineering, art and architecture, and arts and science, according to a release.
Wash U officials said the need-blind policy will be implemented for the current admissions cycle and will impact students applying for the incoming class of 2026 and beyond.
Wash U’s managed endowment pool was valued at $15.3 billion in fiscal 2021, ended June 30. It ranked No. 19 among the nation's wealthiest schools, with $1.1 million in endowment funds per undergraduate, according to Business Journals analysis of university endowment funds published Monday.
“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,” Chancellor Andrew 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.”
Read the full story on the St. Louis Business Journal website.