Washington and Lee University

Despite its sticker price (about $54,000 per year for tuition alone), Washington and Lee awards so much aid that the all-in price of a degree is comparatively low for a private liberal arts school. The university vows to meet 100% of the demonstrated financial need for everyone via grants and employment, which in part enables two-thirds of undergrads to graduate without debt. One of the oldest colleges in the U.S., Washington and Lee is named after George Washington, who endowed the struggling school with a $20,000 gift in 1796, and Confederate General Robert E. Lee, who served as the university's president after the Civil War. Given Lee's history, the school has faced controversy in recent years over a perceived lack of sensitivity regarding racial issues, including a faculty vote in which 80% supported changing the university's name. (80% of students at the school are white; only about 3% are Black). The university president has previously apologized for the school's past ownership of slaves and removed Confederate flags from a campus chapel named after Lee. When it comes to the workload, students can expect a lot of one-on-one time with professors; the student-faculty ratio is 8:1. W&L has an impressive 95% graduation rate, and alumni typically do well in the working world. Recent graduates report earning about $58,800 within five years, according to PayScale. One of the social highlights of each year is the annual Fancy Dress Ball, a themed black-tie event that dates back more than a century. Past themes include "Party on the Moon," "Moulin Rouge," and "Willy Wonka and the Chocolate Factory."