College and university administrators and trustees have an obligation to maximize the return on all available resources consistent with law and with prudent conduct. Assessing and minimizing risk is an essential component of developing a creative financing program. (MLW)

Lehigh University's (Pennsylvania) commitment to meeting the financial aid needs of all regularly admitted first-year students who are U.S. citizens or permanent residents has meant reallocation of institutional resources. The policy has already improved the applicant pool and quality of the first-year class, making the institution more…