Macalester Endowment Tops $1 Billion

The St. Paul college's endowment milestone comes as its MacShare food voucher program is cut to a $2,000 budget this semester.

Updated on Nov. 6, 2026 in Financial Aid

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Macalester College's endowment has surpassed $1 billion, placing it among roughly 200 colleges and universities in the U.S. at that size. At the same time, the college's MacShare food voucher program has restricted vouchers in circulation after its budget fell to $2,000 this semester from $13,000 spent last year.

Why it matters

Macalester, in Saint Paul, says 70% of its endowment interest returns are restricted to financial aid, which ties the growth in its endowment to student support. The reduced voucher budget shows how spending limits are affecting students who rely on food assistance.

Macalester's endowment is above $1 billion, placing the college in the top 75% of institutions for endowment per student and among about 200 U.S. colleges of that size. MacShare vouchers are now capped at $10 of produce and valid for one week, and it is not stated whether the reduced budget will continue beyond this semester.

The players

Macalester College

A private liberal arts college in Saint Paul, Minnesota, known for its endowment growth and its student-run food assistance programs.

The details

The college's new $90 million residence hall is being financed with bonds covering half the construction cost, with a goal of raising $50 million in donor support. MacShare has limited voucher circulation, and staple foods are now offered for free at the Open Pantry in the Campus Center using funds previously spent on vouchers.

Oct. 29: MacShare and the Macalester College Student Government presented the voucher changes at a meeting.
Fall 2024: Student government created a Peacemaking Grant Fundraising Ad Hoc Committee after a Board of Trustees decision.
Last spring: The Peacemaking Grant committee was disbanded after its chair was not re-elected.
This semester: MacShare's voucher budget was reduced to $2,000 with new restrictions.

Season Trajectory

Endowments above $1 billion are held by only about 200 U.S. colleges and universities, so Macalester sits in a small group of well-funded institutions. Its restriction of 70% of endowment returns to financial aid places it among schools whose endowment growth flows largely to student support rather than general operations.

Students at Macalester who rely on MacShare vouchers now have a $10 weekly produce limit and fewer vouchers available this semester. Those who need staple foods can use the Open Pantry in the Campus Center, which is free and funded by money previously used for vouchers.

The takeaway

A large endowment does not automatically translate into immediate student support, since many funds are restricted by use and spending decisions can shift quickly. Students facing food insecurity should check their campus pantry and voucher rules, which can change from semester to semester.