New restrictions on Harvard: Trump admin limits aid access to Ivy League; cites financial concerns

US President Donald Trump’s administration on Friday escalated its marketing campaign towards Harvard University by inserting new restrictions on the Ivy League college’s access to federal funds for scholar aid, citing concerns in regards to the “financial position” of the nation’s oldest and wealthiest college.The US Department of Education mentioned Harvard has been moved to a “heightened cash monitoring” standing, which requires the college to use its personal cash to disburse scholar aid earlier than being reimbursed. It additionally directed Harvard to present a $36 million letter of credit score to assure its financial obligations, pointing to the varsity’s current bond issuances and employees layoffs as causes for concern, information company Reuters reported.“While Harvard remains eligible to participate in the federal student aid program for now, these actions are necessary to protect taxpayers,” Education Secretary Linda McMahon mentioned. The division additional warned that Harvard may lose access to federal scholar aid if it fails to adjust to information requests from the Office of Civil Rights, which is investigating whether or not the college nonetheless considers race in admissions regardless of the Supreme Court’s 2023 ruling towards affirmative motion.Harvard, with an endowment of $53 billion, has denied being in financial bother however acknowledged that federal actions have strained its funds. In July, it estimated the affect of the Trump administration’s measures at practically $1 billion yearly. Earlier this month, a federal decide dominated that the federal government had unlawfully terminated greater than $2 billion in analysis grants awarded to Harvard.The restrictions are the newest step in a bigger confrontation. The Trump administration has accused Harvard of harboring “radical left” ideologies and failing to curb antisemitism, whereas concentrating on its funding, admissions insurance policies and worldwide scholar applications.Harvard has mounted a number of authorized challenges, calling the measures illegal and politically motivated. It has sued over frozen analysis grants and directives threatening worldwide college students, with courts granting momentary reduction in some instances.Trump has personally taken intention on the college. During a current cupboard assembly, he mentioned Harvard ought to pay “nothing less than $500 million,” accusing the establishment of getting “been very bad.”