How does endowment down affect admission and FA?

<p>I browsed a lot posts about college endowment down and how do they cuting budget, freezing the pay and selling properties…
But how does this affect student enrolment and their FA?
I heard Harvard states that they are not going to reduce the student’s FA budget. Does this apply to new applicants as well?
Does anyone has more info on this including other colleges?
Please share. Thx</p>