Under pressure, Harvard says it will reject US relief aid

[TexasTowelie]

Source: AP

CAMBRIDGE, Mass. (AP) — Harvard University announced Wednesday it will turn down $8.7 million in federal coronavirus relief, a day after President Donald Trump excoriated the wealthy Ivy League school over taxpayer money it stood to receive.

Similar action was taken at Stanford, Princeton and Yale universities, which said they too will reject millions of dollars in federal funding amid growing scrutiny of wealthy colleges.

Officials at Harvard said the school still faces significant financial challenges due to the pandemic but will refuse the money over concerns that “intense focus by politicians” will undermine the relief program created by Congress.

“While we understand any reallocation of these resources is a matter for the Department of Education, we hope that special consideration will be given to Massachusetts institutions that are struggling to serve their communities and meet the needs of their students through these difficult and challenging times,” Harvard said in a statement.

Read more: https://www.galvnews.com/news_ap/nation/article_8a98d963-cbe5-5668-b2c7-b708ba9b3e5a.html

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Link is to the Galveston County Daily News.

[Indykatie]

1. I'm Ambivalent About This - I Don't Like Trump Deciding Who is Entitled to Funds

Why didn't they establish some parameters to decide which colleges were eligible? I know most Ivy League Schools are sitting on massive endowments but those endowments have taken a bit hit from the market deterioration. This is more about attacking "elite" schools than the money involved.

[LonePirate]

2. When you have a net worth (endowment) that is thousands of times bigger than the loan ...

Then you should not take the loan. Instead, you should eave the money for those who do not have an 11 figure endowment to rely upon during harsh times.

The same is true for businesses who accepted seven figure loans but still pay their CEOs more than the amount of the loan. Cut the CEO’s pay, refuse the loan and leave the funds for small businesses whose net worth is tied exclusively to the assets or income of the business which has been idled by the shutdown. It is a matter of being ethical and fair rather than greedy. We’re all in this together.

[SayItLoud]

10. I trust Stanford, Yale, Princeton, Harvard on and on...to

use the funds in a smarter, more helpful way than the tRUMP administration. tRUMP et al made the rules and they should be held accountable for this, not the schools. Just one company we are aware of got $8 Billion and small biz around America got zilch. Pointing out flash points like schools getting $ when they have large endowments is distraction. tRUMP said nothing about Liberty University did he? NOPE.

[LonePirate]

12. It does not matter if it is a university or big business or super wealthy people who received loans

When they have the means to survive without the loans while much smaller businesses are struggling to survive and maintain payrolls without the loans.

Yes, we can fault the regulations about who can receive a loan and we can criticize Dolt 45’s corrupt and inept stewardship of the program. However, we can also criticize people who are taking loans when others are more deserving of them. Just because they can apply and receive these loans, that does not mean they should do so when we have so many other businesses needing this money. It has nothing to do with trusting large universities more than this administration. What these universities are doing is little more than reverse Robin Hood tactics. It is wrong.

[TexasTowelie]

3. I went to a private liberal arts university in Texas

(Southwestern) and there endowment dropped from $300 million to $240 million. However, the enrollment is at 1,500 students. I'm certain that they will weather the crisis, but I expect some budget cuts will occur. The question mark that I have is regarding the new president who starts the job in July. I'm wondering why those her because she received a vote of no confidence after she announced that she was leaving Pitzer University in Los Angeles and at the next job she had at the University of Bridgeport in Connecticut the school was in the bottom quarter of financial rankings for liberal arts universities. I thought that the Board of Trustees could have found an applicant that had a more impressive background.

[LuckyLib]

4. Harvard's endowment is $38 billion -- the largest academic endowment in the world.

People need food and shelter. Get out of the ivory tower and see the world.

[MosheFeingold]

9. It got rich

By catering to rich people and creating a little bubble where they stay rich.

They just happened to get called out on their theft.

And note I paid tuition for two kids here. Both long time adults and regret not going to state school and having the money for a down payment on a first house. It’s just not that useful.

[RobinA]

13. Well, I Went

to a state school and regret not going to Harvard. I graduated in 1980 and went into social services. No down payment for a house. Ever. Might have a decent retirement unless Mitch bankrupts the states and my pension goes up in smoke.

Ya pays your money and ya takes your chances!

[Roy Rolling]

5. The Problem Isn't Harvard

It’s the corporate welfare.

So now it’s an issue of who is more deserving among entities who qualify.

It’s a program fraught with problems and inequity—exactly what Republicans wanted.

You think it’s bad now? They’re already starting to hint what they’re gonna cut to offset the over-generous corporate welfare.

[DENVERPOPS]

6. Couldn't agree more RR

Ruth's steak houses getting 20 Million and I'm sure there are hundreds more instances of Corporate Welfare.
I wonder how much Falwell's University got.......

[mahatmakanejeeves]

7. It's on the list.

https://www2.ed.gov/about/offices/list/ope/allocationsforsection18004a1ofcaresact.pdf

[DENVERPOPS]

14. Wow

15 Million...........

[JI7]

8. That's why they should just give direct payments to people regularly

[Toorich]

11. I won't presume to give an opinion.....

...... but I am certain that no entity connected to a tRump or Moscow Mitch should get a penny.