Stanford University has become the first US college to raise more than $1bn (£650m) in a year.

The California institution ranked first in the 2012 Council for Aid to Education's survey, for the eighth straight year.

The report found that 3,500 US universities raised a total of $31bn, 2.3% more than the previous year.

The top 10 schools, including Harvard and Yale, accounted for 17% of the total fundraising efforts.

But the total was just short of the all-time record in 2008...

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