Princeton University told its community it will tighten budgets after weaker investment returns and looming federal changes to endowment taxation. President Christopher Eisgruber said university leaders will seek consolidations and cuts across units to offset rising operating costs and to preserve investments for teaching and research. The announcement follows earlier campuswide requests to trim budgets by 5%–7% and arrives despite Princeton’s $35.7 billion endowment and historically large capital spending. Senior officers including the provost and executive vice president will lead a multiyear process that university governance bodies and faculty forums will review; the move signals how even top endowments face pressure from market cycles and policy shifts, with potential implications for hiring, programs and capital projects across elite institutions.