<p>Actually, few of the large public universities spend ANY money from their endowments on undergraduates. They will, of course, be cut by their state legislatures (in addition, in my state, they are looking at a two-year, 30% increase in tuition). Lots of the smaller, less-well-endowed private colleges spend much lower portions of their endowments each year. It’s the big ones, HYP, Williams, etc., who are really taking it on the chin (though they have much more that can more easily be cut.)</p>