Federal officials have ratcheted up the pressure on the Ivy League college since its leadership declined to meet an unprecedented list of ultimatums.
The South Carolina nonprofit has been drawing down its endowment while it grapples with lower enrollment and higher costs.
Colleges would "sustain immediate and irreparable injury" if the policy were allowed to continue during litigation, the judge ruled Wednesday.
Education leaders gathered in San Diego to discuss everything from cuts at the U.S. Department of Education to higher education innovation.