Actually, I think a stip is okay.
The school (not just W&L but schools in general) is giving students thousends of dollars basically (well.. Literally) for free. I don't thik that it's too much to ask that the school will want them to be at some academic level. I find it pretty valid.
I think you misinterpreted me, I don't disagree with the policy. I just meant that it's imposing aka unnerving to go with that stip, even if the school says very few people get dropped.