Northwestern Tightens Belt

University President calls for sacrifices

Northwestern University on Wednesday announced that it is cutting operating expenses and raising tuition at a time when its endowment has fallen 25% to $5.6 billion.

According to Crain's, a memo to faculty, staff and alumni from Northwestern President Henry Bienen said the university “faces significant financial challenges as a result of the worldwide recession.”

Bienen said the school’s financial position is “relatively strong” as a result of “prudent fiscal management,” and that “there will, however, be a need for sacrifices.”

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