The coronavirus pandemic, like the Great Recession before it, has driven endowments and fundraising down and financial aid costs up. But the pandemic has also forced colleges to shutter their campuses, send students home and convert classes into hastily generated forms of distance learning. Research has slowed or stopped because faculty cannot access their offices, laboratories, and libraries. Residential colleges have refunded large sums in housing and dining rebates and incurred substantial costs to transition to online instruction. Across the country, colleges are canceling or curtailing summer programs, losing in the aggregate hundreds of millions of dollars.

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