Assistant Dean Sean Ferguson said that because there's no "prototypical" applicant, the long-used GMAT provides a standard measure of a student's ability.

WSJ: More Business Schools Accept GRE

Katzman had a cynical sales pitch, insisting the SAT measured nothing but a student's ability to take it.

FORBES: Boost Your Score

Dartmouth College and Williams College also have limited their no-loan packages in recent years, while Wesleyan University earlier this year announced it will begin to consider a student's ability to pay in its admissions decisions, due to the school's financial constraints.

WSJ: Some Schools Cut Student Grants, Scholarships