The top five private university endowment funds belong to Harvard, Yale, Stanford, Princeton and MIT.
Harvard has by far the biggest endowment of any private school in the country. Here is a list of the top five endowments for private universities that are set to receive millions in federal aid.Yale University is set to receive $6.8 million in federal aid while there endowment"value increased from $29.4 billion on June 30, 2018, to $30.3 billion on June 30, 2019," according to a report by Yale News.
"Approximately a quarter of spending from the endowment is specified by donors to support professorships and teaching. Nearly a fifth is dedicated to scholarships, fellowships, and prizes. A quarter is available for general university purposes. The remaining endowment funds are donor-designated to support specific departments or programs," the report states.Stanford University in California has $27.7 billion in its endowment fund and was set to receive $7.3 million in federal aid.
"However, we realize that this crisis represents an existential threat for many of the smaller colleges and universities that are such a critical part of the fabric of higher learning in the United States. We believe strongly in the importance of keeping these institutions viable in order to provide access to higher education for as many students as possible, and we had concluded that this should be a priority.
"Since half of these funds were to be directly applied to grants for students, we want to reassure our students that we remain fully committed to the financial aid that has been promised to them," the spokesperson added.Princeton University in New Jersey has an endowment fund of $26.1 billion and was set to receive $2.4 million in federal relief aid.
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