Colleges and universities depend largely on donations, and if one estimate holds true, giving to higher education institutions is on track to exceed the watermark set before the 2009 recession.
The Council for Advancement and Support of Education found in a survey that giving to colleges and universities grew by 5.5 percent in 2012. The survey also predicts additional growth of 5.8 percent in 2013, exceeding "the high watermark set just prior to the recession," according to CASE President John Lippincott.
"This is very good news," he said in a news release.
Donations to higher education institutions reached a record $31.6 billion in the 2007-2008 school year before dramatically declining the next year, thanks in part to the economic downturn. However, giving began to increase again in 2010, reaching $30.3 billion in the 2010-2011 academic year, according to the Voluntary Support of Education report issued by the Council for Aid to Education.