Washington University is investing $1 billion in financial aid as a result of the extraordinary 65 percent return on the university’s Managed Endowment Pool for the 2020/21 fiscal year.
Following the investment, which is called Gateway to Success, the university’s Chancellor Andrew Martin said that the need-blind admissions have been a top priority since he became a chancellor, Erudera.com reports.
“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,” Martin added.
The investment includes $800 million to support undergraduate admissions, meaning that the university will no longer consider students’ financial situation when making admission decisions but still meet the demonstrated financial need of all admitted students.
Furthermore, the remaining $200 million will be allocated for graduate and professional students at the Brown School, the School of Law as well as the School of Medicine. Investment is also expected to be made in business, engineering, art and architecture, and Arts & Sciences.
Board of Trustees Chair Andrew Newman said that this is also an investment in Washington U. students as well as an affirmation of their skills.
“We are now able to more fully make our own investment in their success as Washington University students. We are a strong university with a proud history and, especially now with an even more secure financial position, we are able to give more to our students to help them reach their highest potential, at Washington University and beyond,” Newman stressed.
The 65 percent return at the university was boosted by a co-investment in the COVID-19 vaccine developer Moderna Inc., which marked an increase of 280 percent during the period.
The university launched another initiative called WashU Pledge in 2019 to offer free undergraduate education to new full-time students from Missouri and southern Illinois who are eligible for Pell Grants or whose families receive $75,000 or less income annually. The program covers full costs, including tuition, accommodation, and fees.
Lately, Washington University received criticism for not admitting more low-income students, who represent some 40 percent of the college student community in the United States.
“We want to make WashU accessible to every qualified student,” the Vice Provost for Admissions and Financial Aid Ronné Patrick Turner said.
This academic year, undergraduate tuition at Washington University reaches $57,750.