HANOVER — Dartmouth College keeps getting richer as the Ivy League school reported this week its endowment has grown to a whopping $5.7 billion.
HANOVER — Dartmouth College’s Magnuson Center for Entrepreneurship is celebrating $26 million in funding coming from 26 individual $1 million …
The college made the announcement this week that the endowment grew by 7.5 percent last fiscal year, ending June 30. That means the college brought in more than $250 million though the endowment during the school’s 250th anniversary year.
President Phillip Hanlon said the school plans to use the money to continue offering generous financial aid packages to students and competitive pay to faulty.
“The impressive long-term performance of the endowment allows Dartmouth to support current and future generations of students, through direct aid, loan relief, and tuition levels that are less than the true cost of a Dartmouth education, while also contributing to significant strategic priorities,” Hanlon said.
The college admits students based on ability, Hanlon said, and the school offers free tuition for students from families who earn $100,000 a year or less. The school is budgeting $111.3 million for fiscal year 2020 to pay for the undergraduate financial aid program. The incoming class of 2023 includes 245 students, or about 20 percent of the class, who are receiving free tuition, according to Hanlon.
“Access to a Dartmouth education is a potentially transformative experience for each student who attends,” he said.
The endowment also supports current and future students and faculty in the core work of the liberal arts college and the graduate and professional schools like the Geisel School of Medicine, the Guarini School of Graduate and Advanced Studies, Thayer School of Engineering, and the Tuck School of Business.
Trustee Rick Kimball said the endowment has had an annualized return rate of 10.7 percent over the past 10 years.
“This strong performance will help keep Dartmouth on a solid footing for future generations,” Kimball said.