Colleges and universities raked in money by the billions last year. But their investing success now has a price a movement in Congress to force the wealthiest schools to spend more of their money to keep down tuition.

In recent weeks, a string of colleges and universities have announced enviable investment results. Leading the way was Yale, which earned 28 percent over the year ending June 30, increasing the school's endowment to $22.5 billion overall. …

Private foundations are required by law to spend at least 5 percent of their endowments each year on their missions, but public charities a category that includes colleges face no such requirement. Holding colleges to the same standard is an idea that clearly interests Iowa Republican Sen. Charles Grassley, the minority leader of the Senate Finance Committee and Capitol Hill's closest scrutinizer of non-profits. …

In fact, colleges spent on average 4.6 percent from their endowments last year, according to the latest figures from National Association of College and University Business Officers.

But if the billionaire colleges alone spent the full 5 percent, that would mean an extra $1.5 billion available annually for financial aid, calculates Michael Dannenberg, director of education policy at the New America Foundation, a Washington think-tank. He says such a requirement would be fair, given that colleges are allowed to invest tax-free. That perk has boosted many endowments by billions and carries an obligation to public service. ...

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