Pretty much this. Whether or not my alma mater could go to a "need blind" admissions policy was entirely a function of whether or not the endowment was in the r

Pretty much this. Whether or not my alma mater could go to a "need blind" admissions policy was entirely a function of whether or not the endowment was in the right shape. IIRC they managed it in 2007 and then...in 2008...well, that went away.