Harvard University is pretty pleased with itself for hauling in $9 million from the CARES act. So pleased that the campus paper is flexing about it.
Harvard University will receive nearly $9 million in aid from the federal government through the Coronavirus Aid, Relief, and Economic Security Act, the Department of Education announced last week.
The CARES Act — the largest economic stimulus package in American history — was signed into law on March 27. It allocates nearly $14 billion to support higher education institutions during the ongoing coronavirus pandemic.
Of the $8,655,748 Harvard is slated to receive, the government has mandated that at least half — $4,327,874 — be reserved for emergency financial aid grants to students.
Cost to attend Harvard for a year for one student: $78,000. Median annual income in America: a lot less than that. Folks from the ranks are having to turn to food banks just to get by in the coronavirus economy.
Buried down in the story, we find this:
Experts say that Harvard will likely continue to face “grave” financial consequences as a result of the COVID-19 pandemic.
University administrators announced salary and hiring freezes, discretionary spending reductions, leadership salary cuts, and the potential deferral of capital projects in an email to Harvard affiliates Monday.
The University will also sell $1.1 billion in bonds, according to a report last week from Moody’s Investors Service.
The student aid portion of the $9 million helps just 55 students assuming full-time and a full year of costs.
Harvard’s endowment is one of the world’s largest — about $38.5 billion.