The Columns » New Tuition Remission Exchange and Updates to Home Loan Program » Washington and Lee University

W&L News
February 29, 2024

To:       Washington and Lee University Employees
From:  Steve McAllister, Vice President for Finance and Treasurer

I write today to announce the addition of a new employee tuition exchange as well as to provide information on changes to W&L’s Home Loan program.

Home Loan Program
Following a recent review, several changes are being made to the university’s Home Loan program, effective March 1, 2024. First, the maximum mortgage loan amount under the plan will be increased from $300,000 to $500,000. This new maximum amount will apply per loan, rather than having different maximum amounts for individual and joint employee loans.

Second, the program will no longer be limited to homes purchased or built in Lexington, Buena Vista, and Rockbridge County, and will now include homes purchased or built within a 50-mile commuting distance from campus. Third, the home improvement program will be discontinued, with no new home improvement loan applications accepted beginning March 1. Any home improvement loans already underway at this time will be included in the current program.

Existing mortgage and home improvement loans will not be affected by the changes. All other aspects of the Home Loan program remain unchanged and future loans will continue to be subject to the same eligibility requirements, which can be found on the Home Loan Policy webpage. Questions about the Home Loan program should be directed to Lori Oliver.

Great Lakes Colleges Association Tuition Remission Exchange
I’m excited to announce that W&L has entered into a new tuition remission exchange with the Great Lakes Colleges Association (GLCA). Under this program, dependents of W&L employees who have been employed full-time for five consecutive years may be eligible for tuition remission at one of the 19 colleges in the exchange.

This benefit is effective immediately for students entering college for the 2024-2025 academic year. Students already enrolled at one of the member colleges under the university’s Educational Grant program will remain under their current program.

To take advantage of this exchange, employees should contact Martha Rowsey in W&L’s Office of Financial Aid to confirm eligibility and submit the appropriate forms. A list of participating institutions, as well as detailed information about the program and all necessary forms, can be found on the GLCA website.