The University of Pennsylvania told schools and centers to trim certain expenditures by 4% for the coming fiscal year as it adapts to federal policy shifts, citing prospective endowment taxes and changes to graduate loan programs. Senior leaders said legal, insurance and benefits costs are rising faster than revenues and pointed to federal moves that could increase Penn’s tax rate on endowment income from 1.4% to 4%. Penn’s endowment was $24.8 billion last June, and independent estimates project a multiyear tax bill in the tens of millions. University officials emphasized the institution remains in a stronger position than many peers but said the adjustments are precautionary as Congress and regulators reshape funding and borrowing rules that affect graduate recruitment and research finances.