05/25/2010 05:12 am ET Updated May 25, 2011

Amid Budget Woes, Yale Caps Prizes

Over Yale's three-century history, donors have established hundreds of prizes to reward student work, from the best senior essay about New Haven to the winning oration in a speaking contest. As University administrators attempt to squeeze excess funds out of the endowment to close Yale's budget shortfall, they hope to limit what they say have become unreasonably large prizes and spend the rest of the income from these endowments on financial aid for prizewinners.

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