Texas Tech is one of hundreds of universities nationwide seeing a drop in its endowments. An endowment is money used to keep things like professorships and scholarships forever open. Last year Texas Tech's endowment's dropped by more than $12 million.
Texas Tech Chief Financial Officer Jim Brunjes says Tech's Endowment Program is fine for now, but if the decline continues over a long period of time, "It will be difficult for the university to maintain the level of excellence with regards to scholarships, financial aid the chairs and fellowships."
Texas Tech isn't the only Texas school that lost endowment money. UT saw a 7.8% decrease, while a and endowments dropped 7.1%.