How USC Became a Leader in Recruiting Minorities
Wealthy private colleges and universities are under the microscope for failing to open their doors to more smart students from poor families. Congress has asked 56 private colleges with endowments of more than $1 billion each for detailed information about their holdings. Some lawmakers would like to force these elite institutions to devote at least 25% of their annual endowment income to financial aid or lose their tax-exempt status. Berkshire Hathaway chief Warren Buffett recently chided schools with large endowments and high tuition for not spending more on aid.
The criticism is rooted in a simple fact: Poor students remain stunningly rare at America’s elite universities. One exception is the University of Southern California, where one in four students is eligible for a Pell grant, the federal aid program for low-income college students.