Harvard Prepares for Financial Strains | WHAT REALLY HAPPENED

Harvard Prepares for Financial Strains

In an email to students, staff and alumni, Drew Gilpin Faust said "we need to be prepared to absorb unprecedented endowment losses and plan for a period of greater financial constraints."

While other universities have already announced hiring freezes and tuition increases, Ms. Faust unveiled no specific belt-tightening steps. But her letter was the first sign that Harvard would also be feeling the pinch. In the Ivy League, both Brown and Cornell universities recently announced hiring freezes.

Harvard's endowment, which stood at $36.9 billion in June [...]

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