Ivy League bailout: Colleges with billions get more millions
- Ivy League schools are receiving millions in taxpayer bailout dollars.
- The same eight schools have endowments worth billions.
- UPDATE: Harvard, Princeton, and Yale now say they will not take the money from the CARES Act.
UPDATE: After the publication of this article, Harvard University, Yale University, and Princeton University all announced they will not take the money from the CARES Act.
Original story below...
Colleges and universities around the country are receiving billions in federal bailout money, and Ivy League institutions with billions of dollars in endowments are no exception.
Based on data obtained from the Department of Education, Campus Reform identified just how much each of the eight Ivy League institutions are receiving as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The act includes the Higher Education Emergency Relief Fund, which totals more than $14 billion in funding for colleges, half of which must go directly to individual students in need.
Cornell University- $12.8 million
Cornell University, with an endowment worth at least $7.3 billion, is receiving $12.8 million in federal taxpayer funding.
Columbia University- $12.8 million
Columbia University will receive $12.8 million in bailout money, despite its $10.9 billion endowment.
University of Pennsylvania- $9.9 million
The University of Pennsylvania's endowment stood at $14.7 billion as of June 2019. It will receive $9.9 million.
Harvard University- $8.6 million
The largest among the Ivy League schools, Harvard University's endowment was a whopping $40.9 billion as of June 2019.
Yale University- $6.8 million
The second-largest among the Ivy League institutions, Yale University's endowment was $30.3 billion in 2019.
Brown University- $4.8 million
Brown University's endowment stood at $4.2 billion in September 2019. It was among the smallest of the Ivy Leagues schools.
Dartmouth College- $3.4 million
Dartmouth College's endowment was $5.7 billion in September 2019, up 7.5 percent in just one year.
Princeton University- $2.4 million
Princeton University will receive the least in bailout funds among the Ivy League schools. However, its endowment is the third largest among the elite schools, standing at $26.1 billion in 2019.