Private Higher Education Funding

Can someone help me answer a question?

So private schools had their funding tank during the early part of the recession because they were so invested in the stock market and that collapsed.

Today, the stock market is back over 12,000. So shouldn't colleges have seen their portfolios rise and have more ability to hire new faculty and spend on other things? Why are private colleges by and large still claiming financial hardship? What's going on here?