Squeezed by money problems, U.S. campuses from Yale to Vanderbilt are trimming scholarships for needy students, who now must borrow more, work more or quit college. The University of Pennsylvania is an agonized example. In the past 13 years, scholarships have grown faster than any single item in its budget—from $2 million to $14 million. They have helped Penn to increase its mix of black and poor students. But Penn is running a $1.9 million budget deficit. As a result, it is eliminating 57 of the 867 scholarships it now offers freshmen.
Even though the cuts are still relatively modest, they have...
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