Well, I don’t think it was ever implied this would benefit thousands of students - rather, it’s nice to see a university put its wealth to good use for those (hundreds) of students who will benefit. Dartmouth didn’t have to do this.
Currently, Dartmouth undergraduates from families with annual income of $125,000 or less who possess typical assets are offered need-based aid without a required loan component. Dartmouth is now removing the loan requirement for undergraduates from families with annual income of more than $125,000 who receive need-based financial aid. This will decrease the debt burden for hundreds of middle-income Dartmouth students and their families by an average of $22,000 over four years. This in turn will open opportunities for young graduates to consider career opportunities or advanced degrees that they might not otherwise have been able to pursue.
Quick Google search puts Dartmouth’s endowment at $8.5bn to PSU’s $4.4bn.
