Iowa's Grinnell College board voted Saturday to retain the admissions policy where acceptance is not based on ability to pay. The school had considered scrapping the so-called "need-blind" policy due to budget concerns.
Grinnell is one of the nation's wealthiest private liberal arts colleges, managing a $1.5 billion endowment that has grown to among the country's largest, thanks to investment advice from former trustee and Omaha billionaire investor Warren Buffett.
The board of trustees will revisit the issue in the fall of 2015. If the college hasn't made sufficient progress toward fundraising and tuition revenue goals, it may end the policy.