‘Severe and long-lasting’ consequences
Billions of dollars, along with jobs, research and Harvard’s ability to administer financial aid are not the only things at stake. The “standing of American higher education,” is also on the table, Harvard President Alan Garber said in a statement.
Harvard, the world’s wealthiest university, has an endowment of $53 billion, which could help cushion cuts. About 80% of that money is earmarked for financial aid, scholarships, faculty chairs, academic programs or other projects, according to the school. The remaining 20% is intended to sustain the institution’s future.
But the Trump administration’s threats against Harvard’s tax-exempt status and its ability to host international students could put more pressure on the university’s funding, and more federal money could get withheld.
The National Institutes of Health announced Monday it would pull medical research funding from universities with diversity and inclusion programs. Of the $686 million in Harvard’s federal research funding in fiscal year 2024, $488 million came from NIH, according to the Harvard Crimson.
The government is “slamming on the brakes” on research and the “victims will be future patients,” Garber said. Research on childhood cancer, infectious disease outbreaks and how to ease the pain of soldiers wounded on the battlefield would all be affected, Garber added.
The indiscriminate cuts, he said, would undermine America’s position as a global leader in innovation.
“The consequences of the government’s overreach will be severe and long-lasting,” Garber said.
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