Stanford Law Dips into Reserves to Cover Financial Aid Shortfall
Posted Sep 28, 2012 11:53 AM CST
By Molly McDonough
Facing a financial aid deficit, Stanford Law School is for the first time dipping into reserve funds to cover student aid obligations.
Administrators plan to use $500,000 from the school's unrestricted fund and will also be getting a one-time infusion from the larger university system, the National Law Journal reports.
Citing the school's budget plan and an earlier report by the Stanford Daily, the NLJ reports that the shortfall is being blamed on increasing financial aid needs on top of a 25 percent decline in endowment returns.
The Stanford Daily quotes law school spokeswoman Judith Romero as saying the school has a three-year plan to close the budget gap.
At the center of the plan is a $20 million fundraising campaign aimed at allowing the law school to endow future financial aid needs, Romero tells the Stanford Daily.