GRINNELL (AP) — Leaders at Grinnell College have decided not to scrap the Iowa college’s policy of being “blind” to students’ ability to pay tuition — for now.

Grinnell is one of the nation’s wealthiest private liberal arts colleges, managing a $1.5 billion endowment that has grown to among the country’s largest, thanks to investment advice from former trustee and Omaha billionaire investor Warren Buffett. But the Des Moines Register reports that the college’s board of trustees had been considering pulling back from its need-blind admissions policy — where acceptance is not based on ability to pay — because of budget concerns.

On Saturday, the board voted to keep the need-blind policy, but will revisit the issue in the fall of 2015. The board also voted to ask students to take out more in loans over four years than the $3,000 already asked. Starting next year, students will be asked to take out $3,500 over four years. That rises to $5,500 by 2016.