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September 6, 2008 2:46:01 AM CDT

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College Coffers Surging

Posted Jan 24, 08 7:05 PM CST in US 

(Newser) – Riding high on investment growth, a record number of higher-education institutions claimed endowment assets of more than $1 billion last year, USA Today reports. With the average endowment fetching a 17.2% rate of return, it isn’t hard to see why a study by a college business non-profit found the number of schools in the billion-plus club grew to 76.

But while the pie is growing, it is uneven: The top 10 richest colleges account for 35% of the national endowment total. Harvard’s $6 billion in investment gains is bigger than the entire endowments of 98% of the schools in the study. It and other top schools plan to eliminate student loans, but critics say they could afford more financial aid.

Source USA Today

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Aerial view of the Sherman Fairchild Physical Science Center and Wheeler Hall on Dartmouth College campus.   (Wikimedia Commons)
A statue of John Harvard overlooks Harvard campus. The number of colleges and universities boasting endowments of $1 billion has risen in the past year to a record 76.   (Shutterstock.com)
Harvard University graduates from left, Kara O'Reilly of NewYork, Maria Horch of New York, and Zach Puchtel of Minnesota celebrate their degrees at Harvard University's 2007 Commencement exercises on...   (Associated Press)
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