September 19, 2008
Lawmakers Ease Pressure for Mandatory Endowment Payouts as Colleges Increase Financial Aid for Students
Sen. Charles E. Grassley may be backing away from his threat to offer legislation that would require the wealthiest institutions to spend up to 5 percent of their endowment assets each year.
At a panel discussion on Capitol Hill last week, the Iowa senator, who is the senior Republican on the Senate Finance Committee, strongly hinted that he would abandon his plan if colleges continued to raise their spending on financial aid.
"I would like to encourage you folks to look inward
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