With money coming in more slowly than the financial aid given out, schools say they are nearing the breaking point, and even the most selective elite universities are rethinking their generosity.
"It just became clear that if we continue to give more and more aid, the numbers don't add up," says Raynard Kington, head of Grinnell College. Thanks to longtime former board member Warren Buffett, Grinnell has an endowment bigger than most schools dream of.
