W&L Gets $132 Million Gift
W&L Receives $132 Million Gift
Investor Bill Miller’s donation enables permanent need-blind admissions.
(Miller with Associate Editor Dominic Vogelbacher, ‘27 | Source: The Spectator)
Washington and Lee will no longer consider families’ income and assets in their admissions process, thanks to a record $132 million gift from William “Bill” Miller III, ‘72. The donation was announced on October 24 at the school’s capital campaign kickoff.
“Bill Miller’s historic gift will secure Washington and Lee’s ability to attract and educate the strongest students,” said W&L President William Dudley. “We are incredibly grateful to Bill for his steadfast belief in the value of a liberal arts education and his visionary support of the university’s future. This gift will change the lives of W&L students for generations to come.”
After a standing ovation from the attendees, Miller addressed the crowd. “The liberal arts education I received from Washington and Lee instilled in me values and habits of mind that have enriched my life and are the basis of much of my professional success,” he said.
He continued, “I am pleased that this gift will make the same education attainable for students who share W&L’s core values of honor, integrity, and civility and who bring different points of view, life experiences, and talents that will contribute to a fuller and richer college experience.”
Miller reflected on his time as a student, recalling that he first showed up to W&L with two sport coats from K-Mart. “Being need-blind will allow Washington and Lee to attract the most highly sought-after students with a simple and powerful message: your financial circumstances, however modest, will not prevent you from attending W&L. I hope my gift will inspire others to support this outstanding university.”
After graduating from W&L with honors in 1972 with a B.A. in economics, Miller served in the Army as an intelligence officer. After studying philosophy at Johns Hopkins University, he began working in investment research at asset manager Legg Mason in 1981, eventually becoming chief investment officer. He later founded Miller Value Partners and made highly profitable investments, such as early purchases of Amazon and Bitcoin.
The Spectator spoke to Mr. Miller after the event. He recalled that took roles as dorm counselor and treasurer of his fraternity because of his large financial aid as a student, and that he and his “parents were paying off his loans for years.” He gestured toward the university, saying, “now they won’t have to do that anymore.”
As recently reported in The Spectator, some students had previously been led to take out student loans despite W&L’s “No-Loan Commitment.”
