Ivy League schools have been criticized for netting millions in taxpayer-funded coronavirus bailouts despite swimming in endowments worth billions.
The country's most prestigious private universities including Harvard, Princeton and Yale are among the beneficiaries of Washington's $2trillion rescue package to keep businesses afloat during the epidemic.
Higher education institutions have been apportioned $14billion of the aid provided under the CARES Act to weather the financial hits landed by the lockdown.
Students have been sent home, and while many are taking classes remotely, the schools risk not collecting the totality of tuition fees.
Of the top private schools, Cornell and Columbia will receive the most at $12.8 million each.
Cornell, based in Ithaca in upstate New York, has an endowment of $7.3 billion, while New York City based Columbia boast $10.9 billion.
University of Pennsylvania will receive $9.9million despite having a $14.7billion endowment.
Harvard, which easily out-guns the other schools with its eye-watering $40.9billion endowment, will also receive $8.6million.
But Texas senator Ted Cruz has blasted the university for taking the money, pointing to its mammoth endowment chest.
The one-time Republican presidential contender tweeted: 'This is ridiculous. Taxpayer relief funds should go to those in real need.
'Harvard University has a $41bn endowment—the largest in the world. Put another way, Harvard’s endowment is $13mm per student, or $171mm per faculty member.'
The university insisted it was ring-fencing all of its Senate funding to 'financial assistance for students to meet their urgent needs in the face of this pandemic'.
Harvard, which is one of the top universities in the world and boasts eight Presidents among its alumni, spelled out how it would spend its bailout.
A spokesman for the Massachusetts-based school said: 'Financial assistance will be on top of the significant support the University has already provided to students – including assistance with travel, providing direct aid for living expenses to those with need, and supporting students' transition to online education.'
Yale, the second largest Ivy Leave school, will receive $6.8million and has an endowment of $30.3billion.
read more here: https://www.dailymail.co.uk/news/article-8241187/Ivy-League-schools-slammed-netting-millions-coronavirus-bailouts.html
Replies