Following announcements by dozens of colleges and universities that they plan to overhaul their financial-aid programs, many are calling on donors to help ease the burden of student debt, reports The Wall Street Journal.

More than a third of restricted gifts made to colleges and universities support financial aid, but institutions continue to seek more. After receiving an anonymous $100-million gift last May to improve its financial aid, the University of Chicago started a campaign to raise an additional $300-million to replace loans with scholarships for needy students.