数据显示，2025年有近200所私立大学向受限制的捐赠基金借款，许多学校的年度提领率已超过顾问认为可持续的5%门槛，甚至引发信用评级遭降的风险。由于美国出生率低迷导致生源缩减，大型名校依然能靠庞大资产与充裕申请人数保持稳健，但缺乏知名度与资源的小型学院却陷入招生艰难与财务恶化的恶性循环，部分院校动用基金后依然被迫宣告倒闭。
尽管挪用捐赠基金伴随损害捐赠者信任与信用评级等长期风险，但少数学校如韦伯斯特大学（Webster University）和阿维拉大学（Avila University）借此度过短期难关并设法走向收支平衡。海勒姆学院目前亦透过指派具金融背景的临时校长、裁撤冷门科系、加强无限制募款等转型措施，全力拟定还款与长期永续计划，以期重塑财务健全并维持作为地方社区核心的办学使命。
Faced with plunging enrollments and shrinking revenues, many cash-strapped small private colleges across the US are draining their perpetual endowments to survive. For instance, Hiram College in rural Ohio borrowed over $47 million from its $56 million endowment fund to cover multi-million dollar deficits—even tapping restricted funds designated by donors for specific purposes—and is now working with the state attorney general's office to establish a repayment plan while notifying donors. (Key numbers: 5600, 4700)
Data indicates that nearly 200 private colleges borrowed from restricted endowment funds in 2025, with many exceeding the sustainable 5% annual spending rate and triggering credit rating downgrades. Driven by low US birth rates and a dwindling student pool, while well-endowed elite institutions remain financially secure, smaller schools face persistent deficits and declining enrollment, leading some to permanently shut down despite tapping into their reserves.
Although dipping into endowments risks degrading donor trust and institutional credit, some institutions like Webster University and Avila University have managed to stabilize their operations and achieve financial balance. Hiram College is currently pursuing a financial turnaround under an interim president with banking experience by eliminating under-enrolled majors, increasing unrestricted fundraising, and formulating loan repayment plans to preserve its essential role in the local community.