Needy U.S. borrowers are defaulting on almost $1 billion in federal student loans earmarked for the poor, leaving schools such as Yale University and the University of Pennsylvania with little choice except to sue their graduates.
Occupy New Haven protesters fighting eviction from the town green next to Yale University are challenging a private, colonial-era group with ties to the Ivy League school that, with the city, controls the park.
Harvard University, Yale University and Stanford University, with combined endowments about equal to the gross domestic product of Lithuania, are among 15 of the wealthiest colleges and universities that borrowed $7.2 billion because their highbrow investing left them suddenly strapped for cash.
Yale University, the University of Pennsylvania and Sacred Heart University are among colleges clarifying the application process for federal financial aid after a congressman said some students are being misled into paying unnecessary fees.
An Internal Revenue Service survey, which led to audits of Harvard University and more than 30 other colleges, shows that the wealthiest schools should spend more of their endowments, according to U.S. Senator Charles Grassley .