Writings by Randall

University endowments, long celebrated as a hallmark of fiscal strength, are now at the center of a heated policy debate. With billions of dollars held by institutions like Harvard, Amherst, and Grinnell—sometimes exceeding $1 million per student—lawmakers are questioning whether these funds truly serve affordability and access. Proposals to tax large endowments add pressure, especially as tuition costs remain steep and federal grants face freezes. Ironically, the very institutions that followed best practices in building endowments may now be penalized for their success, sparking tough questions about fairness, stewardship, and the future of higher education finance.