<p>When endowment income goes negative ( or even to zero) the schools that affected most significantly are the ones that fund a large portion of their budget with endowment earnings. So schools like Princeton, Harvard, Duke, Standford which spend from 30-45% of endowment income on the budget have large cuts to make when that income drops to zero (or goes negative). Often these large endowment schools have most of their money locked up in illiquid assets such as venture capital, hedge funds, timber etc so they can’t easily sell assets to get operating money from the principal of the endowment. As a result many of these schools have had to borrow big just to avoid more cuts than they are projecting. Schools with moderatly large endowments but who have only supported 10% of their budget or less have much less pain ( and borrowing) than the richer universities. For instance Brown is only planning to make 80 million in cuts over a 4 year period . Nothing like 100 or 120 million in one year plus massive borrowing going on at some of the rich schools.</p>