Princeton’s endowment grows 12.7 percent, hits $22.7 billion

PRINCETON, N.J. (AP) -- Princeton University says its endowment grew 12.7 percent in the past fiscal year, a rate of growth higher than Harvard's or Yale's during the same time period.

Princeton said Monday that its endowment was valued at $22.7 billion. That's $1.7 billion more than a year earlier. The endowment is one of the biggest among U.S. universities.

In recent weeks, Harvard has announced a one-year return of 5.8 percent, Yale 11.5 percent, Duke 4.4 percent and Massachusetts Institute of Technology 13.2 percent. That's for the fiscal year that ended June 30.

Princeton says its increased financial standing has helped it boost financial aid. Students from families with incomes at the U.S. median of $54,000 receive grants to cover tuition and room and board.

(Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)