- Associated Press - Friday, September 7, 2018

EVANSTON, Ill. (AP) - Northwestern University has set a new target for its five-year capital campaign after reaching its original goal months early.

The university is now seeking to raise $5 billion by the end of 2020, which means raising $940 million in about 15 months.

The school launched “We Will. The Campaign for Northwestern” in 2014, aiming to raise $3.75 billion in five years. Northwestern announced Thursday it passed $4 billion thanks to a gift from alumni and longtime volunteers Bon and Holly French.

Northwestern President Morton Schapiro said recently the university expects a budget shortfall this year and next. As a result, the university cut 80 jobs and reduced expenses.

However, he said expanding the capital campaign is not related. Schapiro noted increasing financial aid to attract students has become increasingly important. The current undergraduate student cost to attend Northwestern is about $75,700 a year.

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