In 1929, $10,000 was raised to build a new school on land purchased from Homer H. Huggins and donated by Mr. and Mrs. W.W. Phillips. The new school was to replace the one-room high school which only offered two years of education and located in an old church.The Waterloo School housed grades 1 through 12. Lee Wright of Ironton was the contractor and L. Hobart Wickline was the first principal. A gymnasium was added in 1933 or 1934.The last graduating class was 1961 and included twenty-eight seniors.
Waterloo was best known as the home of the Waterloo Wonders.
The school building was used by the Symmes Valley school system as an elementary school until the new elementary school was built in 1993.