Top colleges in the US, such as Yale, Stanford and Harvard, are facing an unprecedented slump in the value of their endowment funds resulting in a cash squeeze, just as they are getting record numbers of applicants and more requests for financial aid.
College endowments fell in value by an average of 24 per cent in the six months to December, with smaller ones falling by more, according to a survey by the Commonfund, a non-profit organisation.
Princeton and Harvard have both said they are expecting a drop of 30 per cent for the full fiscal year to June, and others have indicated they will see similar falls or more.
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