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Budget issues continue to plague the Obama Administration as well as Harvard—the University’s endowment dropped $11 billion from 2008 to 2009—but both federal and University-wide measures have sought to keep student aid and research funding afloat despite difficult economic times...
...federal budget of the 1986 fiscal year would have slashed financial aid funding, capping money allotted per student on federal grants and loan aid to $4000 and establishing an income ceiling of $32,500 for guaranteed student loan eligibility. The cuts also included a $2.3 billion reduction in financial aid spending. Additionally, the Reagan administration proposed significant cuts to National Institutes of Health funding, one of Harvard’s largest sources of science funding...
...recent healthcare overhaul included legislation to move away from bank-funded loans toward an expanded direct-lending program run by the federal government. This adjustment was intended to direct $36 billion across 10 years to Pell grants for students from low-income families...
Over these Commencement days no doubt professors, family, and friends, all weak of heart, will congratulate you on a job well done. Not I. Just look at the job you have done at Harvard. You gobbled up $11 billion in stocks and hot breakfast. You lost us party grants. You did who-knows-what to the Wetu...
...earlier version of the May 24 news article "Study: Colleges Caused Financial Crisis" stated that in the 2009 fiscal year, Harvard’s endowment decreased by about 11 million dollars. In fact, the endowment decreased by about 11 billion dollars...