<p>Back story: Rupert Johnson '62 gave $100 million for scholarships and leadership studies to W&L last summer. </p>
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<p>I'm copying the following from the Fall, 2007 issue of the W&L Alumni Magazine (p. 24) which just arrived at our house.</p>
<p>"The gift means an automatic 25 percent increase in the financial aid budget for this coming year, allowing them to reach more students than ever before. The truly outstanding part: The size of the donation will make student loans virtually extinct at W&L.</p>
<p>" 'If a family has $30,000 of need, we would give that student a combination of grant and work-study equal to $30,000,' explained Hartog [dean of admission and financial aid]. "If a family wants to borrow in addition to that $30,000, that's fine. But that $30,000 of need will be met by grant and work, not loans.' "</p>
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<p>W&L only allows freshman to do work-study a maximum 5 hours a week and upperclassmen 10 hours per week so the grants are the bulk of the overall package.</p>