Harvard University said it will not take the $8.6 million in aid with was granted as part of the U.S. government’s efforts to cushion the economic impact of the coronavirus lockdown, reversing itself and bending to U.S. President Donald Trump who said Tuesday that the university should not take the money.
“Harvard is going to pay back the money and they shouldn’t be taking it,” Trump said Tuesday at a White House press briefing.
Harvard said Tuesday that it planned to keep the money, promising to use it for student financial assistance but not for institutional costs.
On Wednesday, the university reversed itself. Harvard has an endowment worth nearly $41 billion, a fund so large that some have described it as “a hedge fund disguised as a university.”
1/5 Harvard will not accept funds from the CARES Act Higher Education Emergency Relief Fund. Like most colleges & universities, Harvard has been allocated funds as part of the CARES Act. Harvard did not apply for this support, nor has it requested, received or accessed the funds
— Harvard University (@Harvard) April 22, 2020
3/5 As a result of this, and the evolving guidance being issued around use of the Higher Education Emergency Relief Fund, Harvard has decided not to seek or accept the funds allocated to it by statute.
— Harvard University (@Harvard) April 22, 2020
5/5 We remain fully committed to providing the financial support that we have promised our students. Read our full statement: https://t.co/2DDXJgb3ln
— Harvard University (@Harvard) April 22, 2020
