Harvard has a $41 billion endowment. Yes, that’s a B.
Harvard, along with Princeton and Stanford, has decided to do the right thing and turn down taxpayer-funded coronavirus relief paid for with the CARES Act Higher Education Emergency Relief Fund.
Harvard spokesman Jason Newton in a statement Wednesday:
We have previously said that Harvard, like other institutions, will face significant financial challenges due to the pandemic and economic crisis it has caused,”
We are also concerned however, that the intense focus by politicians and others on Harvard in connection with this program may undermine participation in a relief effort that Congress created and the President signed into law for the purpose of helping students and institutions whose financial challenges in the coming months may be most severe. 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.
Homeschoolers’ Wrong Views?
Recently, Harvard law professor Elizabeth Bartholet advocated that homeschooling should be illegal because homeschoolers might have the wrong views.
Elite Colleges Looking for $50 Billion in Relief
While this was obviously the right thing to do, the higher education bailout demands won’t end here, notes BRIGHT editor Inez Stepman who details (The Federalist) colleges and universities asking for $50 billion in the next coronavirus relief package.
With so many needing help after the one-two punch of the virus and attendant economic woes, universities, which have already drained trillions from the public fisc without fulfilling their promises, should be at the back of the line.
Better still, higher education should be cut off from its sweetheart-subsidy deal, and left like so many Americans to the free market. If Wells Fargo or Bank of America are reluctant to loan an 18-year-old $150,000 to earn a degree in critical whiteness studies, taxpayers shouldn’t be bamboozled into doing so either.