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Small College America – Profile: Washington and Lee University

April 7, 2025, by Dean Hoke: This profile of Washington and Lee University is the eighth in a series presenting small colleges throughout the United States.

Background

Founded in 1749, Washington and Lee University (W&L) is a private liberal arts college located in Lexington, Virginia. With a 325-acre campus in the Shenandoah Valley, W&L is the ninth-oldest college in the U.S. Originally Augusta Academy, it became Washington College after George Washington’s 1796 gift. It later took on its current name in honor of Robert E. Lee, who served as president following the Civil War. The school became coeducational in 1985 and is consistently ranked among the top liberal arts colleges nationally. The President of Washington and Lee since 2017 is William (Will) Dudley.

W&L enrolls approximately 1,900 undergraduates and 375 law students. The university boasts an 8:1 student-faculty ratio and an average class size of 15. The university is renowned for its rigorous academics, a single-sanction honor system, and a strong emphasis on ethical leadership and community.

Curricula

W&L offers 36 majors and 41 minors across disciplines such as the humanities, sciences, arts, business, journalism, and engineering. It’s the only leading liberal arts college with accredited undergraduate programs in business and journalism. Students can pursue either a B.A. or B.S. degree and are encouraged to pursue interdisciplinary interests. Popular majors include Business Administration, Economics, Political Science, and interdisciplinary areas such as Environmental Studies and Poverty Studies. Signature programs include the Shepherd Program for the Interdisciplinary Study of Poverty and Human Capability, combining classroom learning with community engagement on social justice issues. Over 60% of undergraduates study abroad, and a significant number participate in internships and research, often supported by university grants.

Strengths

  • Exceptional Outcomes and Opportunities: W&L’s four-year graduation rate is about 92%, and over 93% of graduates secure employment or enter graduate school within six months of graduation​. They are a top producer of Fulbright scholars and other fellowship winners, reflecting the high caliber of their students and the support they receive in pursuing global opportunities​.
  • Academic Excellence: W&L consistently ranks among the top liberal arts schools in the United States. It has been ranked #9 by US News and World Report in Best Small Colleges in America and #9 for best liberal arts colleges. The school consistently ranks among the top producers of Fulbright and other prestigious fellowships.
  • Experiential Learning: The unique Spring Term and emphasis on study abroad (60%+ participation) offer high-impact, immersive educational experiences. Programs like the Shepherd Poverty Program and community-based internships promote civic learning.
  • Financial Strength: With a $2 billion endowment (roughly $900,000 per student), W&L offers strong financial aid and has a need-blind admissions policy for most domestic and international applicants.

Weaknesses

  • Exclusivity: W&L has historically attracted a particular student demographic and features a social scene dominated by Greek life, which presents challenges in broadening campus culture. Approximately 75% of undergraduates join fraternities or sororities—one of the highest Greek participation rates in the nation​. This deep-rooted Greek presence contributes to close social bonds and robust alumni networks. Still, it can also create a perception of social exclusivity for Students who do not participate in Greek life.
  • Historical Legacy and Diversity Challenges: W&L grapples with aspects of its historic legacy that pose modern challenges. The institution’s very name honors Robert E. Lee, and debates have occurred over whether to rename the university, given Lee’s ties to the Confederacy and slavery​. In 2020, campus discussions on this issue drew national attention and revealed divisions among stakeholders​. The cultural transition – shedding outdated perceptions and ensuring that students from all backgrounds feel fully welcome – remains an ongoing challenge for Washington and Lee.

Economic Impact

W&L is not only an academic institution but also a major economic engine for Lexington and the surrounding Shenandoah Valley. In addition to educating students, W&L significantly boosts the local economy through employment, spending, and partnerships. The university is one of the largest employers in the region, with roughly 870 faculty and staff​. A comprehensive economic impact study in 2010 found that W&L was responsible for over $225 million in economic activity in the region in a single year.

Enrollment Trends

As of Fall 2024, Washington and Lee’s total undergraduate enrollment stands at 1,866 undergraduate students, with an additional 355 students in the law school​. Over the past decade, undergraduate enrollment has remained stable.

The undergraduate acceptance rate has declined from 24% to 14% over the past five years, reflecting increased selectivity. The gender balance has also shifted to slightly favor women (51%). The university maintains a first-year retention rate of 96-98% and six-year graduation rates remain steady between 93% and 95%, reflecting a high level of student satisfaction and institutional support.

Degrees Awarded by Major

In the Class of 2020 -21, W&L conferred degrees across a wide spectrum of majors. Below is a breakdown by number of degrees awarded that year:

Return of Investment

According to the Georgetown University Center on Education and the Workforce’s study, Ranking 4,600 Colleges by ROI (2025), W&L offers a strong return on investment. In this study, ROI is calculated as the difference between a graduate’s cumulative earnings over time and the total out-of-pocket cost of attending college, which refers to the net cost after accounting for grants and scholarships.

For students earning a bachelor’s degree, W&L’s median ROI significantly exceeds the average for private nonprofit colleges, both in the short and long term.

Source: Georgetown University Center on Education and the Workforce, analysis of U.S. Department of Education College Scorecard data, 2009–2022.

Alumni

W&L boasts a vibrant alumni network that is both tightly knit and far-reaching. There are over 25,000 living W&L alumni worldwide, spread across all 50 states and dozens of countries. Alumni often refer to themselves as “Generals” (after the school’s athletic moniker) and maintain strong ties to the institution long after graduation.

Notable Alumni: W&L’s alumni list includes prominent figures in law, government, business, journalism, literature, and the arts:

  • Lewis F. Powell Jr. (Class of 1929; Law 1931): Was a U.S. Supreme Court Justice (served 1972–1987)​ . Justice Powell was one of three Supreme Court justices who attended Washington and Lee.
  • Tom Wolfe (Class of 1951): Best-selling author and journalist, pioneer of the “New Journalism” movement​. Wolfe wrote influential works like The Right Stuff and The Bonfire of the Vanities, and is an icon in American literature.
  • Roger Mudd (Class of 1950): Emmy Award-winning broadcast journalist​. Mudd was a longtime CBS News correspondent and anchor known for his work on CBS Evening News and documentaries.
  • Joseph L. Goldstein (Class of 1962): Awarded the Nobel Prize in Physiology or Medicine for his research in cholesterol metabolism.
  • Warren A. Stephens (Class of 1979): Chairman, president, and CEO of Stephens Inc., President Donald Trump nominated him to serve as the United States ambassador to the United Kingdom.
  • Rob Ashford (Class of 1982): A renowned choreographer and director, Ashford is an eight-time Tony Award nominee (winning one), a five-time Olivier Award nominee,  and an Emmy Award winner. 
  • Linda Klein (Class of 1983): American Lawyer and past president of the American Bar Association.

Endowment and Financial Standing

W&L’s financial foundation is exceptionally strong for a liberal arts institution of its size. As of 2024, W&L’s endowment is nearly $2.0 billion​, placing it among the top liberal arts college endowments in the nation (and even comparable to some mid-sized research universities).

In a typical year, endowment earnings contribute roughly 40-50% of the university’s operating budget. The 2023 analysis by Forbes rated W&L a solid “B+” in financial health (score of about 3.34 out of 4.5)​

Why is Washington & Lee Important?

  • Academic Excellence & Ethical Leadership:
    W&L exemplifies a liberal arts education that blends intellectual rigor with character development. Its Honor System promotes integrity and responsibility, shaping graduates who lead with both intellect and ethics.
  • Graduate Success & Influence:
    With 93% of graduates employed or in grad school within six months, W&L delivers top-tier outcomes. Alumni go on to excel in law, government, business, journalism, medicine, and the arts—many serving as civic leaders, mentors, and public servants.
  • Economic & Cultural Impact:
    Though small, W&L plays a major role in the Shenandoah Valley. It creates jobs, draws thousands of visitors annually, and enriches the area culturally with events, lectures, and museums. Its partnership with the local community strengthens regional vitality.
  • Access & Forward-Thinking Values:
    W&L’s need-blind admissions and robust financial aid reflect its commitment to affordability and inclusivity. It ranks highly for free speech and integrates modern disciplines like data science and entrepreneurship into a classic liberal arts framework, demonstrating how tradition and innovation can thrive together.

With its blend of tradition and innovation, W&L continues to influence American higher education. It upholds the time-honored virtues of a liberal arts college—close mentoring, a broad education, honor, and civility—while evolving to meet contemporary challenges by opening doors to more students and engaging with real-world issues. W&L remains a cornerstone institution among small colleges, illustrating the enduring importance of the liberal arts model in shaping thoughtful, responsible citizens.

Dean Hoke is Managing Partner of Edu Alliance Group, a higher education consultancy, and a Senior Fellow with the Sagamore Institute. He formerly served as President/CEO of the American Association of University Administrators (AAUA). With decades of experience in higher education leadership, consulting, and institutional strategy, he brings a wealth of knowledge on small colleges’ challenges and opportunities. Dean, along with Kent Barnds, is a co-host for the podcast series Small College America. 

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Hoke’s Notes – The Plight of Small Colleges

January 27, 2025

It has been two years since I last wrote a blog post for the Edu Alliance Journal. During that time, I took on the role of President/CEO of the American Association of University Administrators (AAUA) and dedicated myself fully to the organization. I set ambitious goals, including:

  1. Launching a marketing and branding campaign to elevate AAUA’s visibility,
  2. Increasing institutional and individual membership,
  3. Establishing a high-profile multi-day conference, and
  4. Stabilizing the organization’s finances to allow the hiring of a paid executive director.

While I initially anticipated achieving these milestones within three years, the board and I managed to accomplish them in just 18 months.

Reaching these goals was a significant achievement, and it signaled to me that it was time to focus on other priorities. As such, I submitted my resignation, effective January 1st, and “retired” from my leadership role at AAUA. However, I’ve always felt that retirement, in the traditional sense, isn’t for me. At 74, I still have ideas to share and contributions to make in the field of higher education.

I aim to address several projects and issues moving forward, such as returning to my work as an international higher education consultant and re-launching two podcast series. However, one other area is especially close to my heart: the plight of small colleges.

The Plight of Small Colleges

If you’ve followed my journey, you know that I earned my undergraduate degree from Urbana University, a small private college in Urbana, Ohio—a city with a current population of 11,161. In 1975, I designed my own major in College Administration, combining courses in business, history/political science, and psychology. During my senior year, I also completed a year-long internship in admissions.

As a nontraditional student (having started at the University of Dayton in 1968), it took me 6 ½ years and over 30 part-time jobs to complete my degree. Urbana gave me the opportunity to figure out what I wanted to do and how I could contribute to the world. It taught me adaptability and the goodness in people, which led me to the field I love—higher education.

Unfortunately, Urbana University didn’t survive. After being acquired by Franklin College in 2014, it closed its doors in May 2020 due to challenges brought on by the coronavirus pandemic and years of low enrollment.

Urbana had been an integral part of the community since 1850, serving as a significant economic engine. A 2017 study by the Southwestern Ohio Council for Higher Education estimated that Urbana contributed over $60 million annually to the economies of Champaign and Logan counties and employed 111 full-time staff during the 2015-2016 academic year. Its closure was devastating—not only for the university but also for the local businesses that depended on the foot traffic of students, visitors, and sports spectators.

Rural colleges like Urbana serve as vital economic and social hubs for their communities. However, the increasing trend of college closures poses significant risks, including economic downturns, reduced social engagement, and the loss of cultural identity.

Moving Forward

To address this issue, I’m developing a funding proposal to analyze the multifaceted impacts of struggling colleges in rural areas. My goal is to propose actionable solutions and share findings that empower policymakers and community leaders. By combining innovative research, advocacy, and problem-solving, this initiative seeks to provide practical tools for fostering resilient rural communities.

The research will focus on rural communities in Indiana, Ohio, and Pennsylvania. I’ve already received encouragement from regional leaders and am optimistic about finding partners to support this initiative. I’m seeking foundations, corporations, and government agencies to help fund this project, which aims to mitigate the ripple effects of college closures in rural America.

If you have thoughts or suggestions on this topic—or know of potential funders—please feel free to contact me at deanhoke@gmail.com.

Stay tuned for updates on this and other projects I’m passionate about.

Dean Hoke is Co-Founder and Managing Partner of Edu Alliance, an international higher education consultancy and podcast co-host of Higher Ed Without Borders and Small College America. He recently served as President/CEO of the American Association of University Administrators.

Dean began his professional career in 1975 with Bellarmine University, working in a variety of roles, including Admissions and External Relations. In 1983, he entered the broadcasting field, serving as a senior executive for Public Broadcasting System stations and a cable network. In 1998, he co-founded The Connected Learning Network, a full-service online learning company. In 2009, he accepted an invitation to move to the United Arab Emirates, serving in senior positions at Higher Colleges of Technology and Khalifa University before co-founding Edu Alliance in Abu Dhabi in 2014.

Hoke is passionate about advancing academic excellence and innovation worldwide.  He participates in numerous advisory and consulting projects on international branch campuses, marketing/branding, and business intelligence. Dean has consulted, presented, and written on leadership, higher education, and distance learning in the United States, Bahrain, Kazakhstan, Lebanon, Oman, Nigeria, Spain, and the United Arab Emirates.

Hoke has a B.A. from Urbana University, an M.S. from the University of Louisville, and a Certificate in Executive Management from the University of Pennsylvania Wharton School. Dean currently resides in Bloomington, Indiana.