Word: scholarshipped
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Derek Bok's vision of an "international" Harvard moved ahead slowly this year, boosted by several innovative "debt-for-scholarship" deals, but tempered by Faculty criticism and budgetary constraints...
...debt-for-scholarship" swap means that Harvard buys part of the country's debt at a discounted rate from U.S. banks. The University then forgives the debt in exchange for the country setting up scholarships to the school...
Later this April, Harvard agreed to trade $2.9 million of Mexico's debt for scholarships. The "debt-for-scholarship" swap is a "creative way" for Harvard to continue bringing in a qualified and diverse foreign student body, says Nancy S. Pyle, associate director of the Harvard Institute for International Development...
...creating funding specific to a country, more foreign alumni and corporations will participate in the debt-for-scholarship swap, she said. Outside funding will also not post an additional drain on the school's financial aid colonies...
...country specific because supporters can be seen as investing in their own country's future," said Pyle. "We cannot prioritize scholarship money for international students over domestic students...