AMID A NATIONAL OUTCRY for higher education institutions to do more to increase access for poor students – especially elite schools with billion-dollar endowments – new data show that nearly half of all endowment spending by colleges and universities supports financial aid.
“This was the largest single area of endowment spending,” Susan Whealler Johnston, president and CEO of the National Association of College and University Business Officers, said this week in a call with reporters. “This clearly demonstrates the deep commitment colleges and universities make to support financial aid and student success.”
The endowment spending data was included for the first time in the annual endowment report, published Thursday by the National Association of College and University Business Officers and the investment firm TIAA. Colleges and universities reported that 49 percent of their endowment spending went to support student scholarships and other financial aid programs, and 16 percent for academic tutoring and other similar student support programs.