Harvard to Borrow $750 Million Amid Federal Funding Uncertainty

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The Ivy League school faces heightened scrutiny over its access to $9 billion in federal funding.

Harvard University is looking to borrow $750 million through taxable bonds as the Ivy League schoolโ€™s federal funding is under review.

โ€œAs part of ongoing contingency planning for a range of financial circumstances, Harvard is evaluating the resources needed to advance its academic and research priorities,โ€ a university spokesperson said on April 8 in an emailed statement responding to questions about the bond sale.

This latest offering follows a $450 million bond issuance in March. With the new sale, the universityโ€™s total borrowing for fiscal year 2025 will rise to $1.2 billion.

Proceeds from the debt will be used to support Harvardโ€™s capital projects and for general institutional purposes, according to S&P Global, which on April 7 assigned the bonds a top-tier AAA rating with a stable outlook.

The outlook, S&P noted, reflects expectations that Harvard will sustain strong demand and maintain balance-sheet strength relative to operating costs and debt over the next two years. The credit rating agency also cautioned that financial performance โ€œcould be strainedโ€ because of changes in federal funding while the university continues to cut expenses.

Despite its $53 billion endowmentโ€”the largest among colleges in the United Statesโ€”Harvard relies heavily on federal funding, particularly for its extensive research operations. That dependence has come under new pressure after three federal agencies last week announced a sweeping review of $9 billion in multiyear research funding awarded to Harvard and its affiliated hospitals in the Boston area.

โ€œIf this funding is stopped, it will halt life-saving research and imperil important scientific research and innovation,โ€ Harvard President Alan Garber said in a campus-wide message.

Following the announcement, the departments of Education and Health and Human Services, along with the General Services Administration, sent a letter to Harvard, accusing the university of failing to protect students and faculty from anti-Semitic harassment and alleged violations of anti-discrimination laws. They also included a list of steps that they regard as โ€œnecessary for Harvard Universityโ€™s continued financial relationship with the United States government.โ€

Byย Bill Pan

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