Princeton, Yale, UPenn, Northwestern won't take coronavirus aid money (UPDATED)
- Princeton, Yale, and UPenn have all stated that they will not accept funding from the CARES Act.
- Th Ivy League school's announcements came less than 24 hours after similar statements from Harvard and Stanford.
- Northwestern University has also said it will not take federal funds.
Three more Ivy League schools - Princeton University, Yale University, and the University of Pennsylvania - have joined Harvard University by publicly stating they will not take the money allocated to them as part of the Coronavirus Aid, Relief, and Economic Security Act.
Northwestern University, with its $10.8 billion endowment, announced it would not take the $8.5 million in federal funds. Spokesman John Yates told the Chicago Tribune, “After careful consideration, Northwestern University determined we are unable to accept the requirements and evolving guidance regarding the CARES Act. Therefore, the University has decided not to apply for or receive the funds allocated to us.”
Earlier in April, less than 24 hours after President Donald Trump called on Harvard not to take the funds, given its $40 billion endowment, the Ivy League institution released a statement asking the Department of Education to redirect those funds to smaller colleges in Massachusetts. Earlier the same day, Stanford University became the first major institution to say it will not accept the money, acknowledging the "existential threat" to smaller colleges.
Now, Princeton, Yale, and UPenn have said they will not take the multi-million-dollar assistance, given their multi-billion-dollar endowments.
"Princeton has determined it will not accept funding allocated under the CARES Act. Princeton has not yet received any of these funds, and never requested any of these funds," the New Jersey Ivy League said in a tweet.
In a statement published to its website, Yale University said, "though Yale is experiencing great budgetary pressure as a result of the pandemic, the university has decided not to seek these emergency funds. Instead, we hope that the Department of Education will use Yale’s portion of the funding to support colleges and universities in Connecticut whose continued existence is threatened by the current crisis."
UPenn said in a similar statement, "Despite the serious financial impact to Penn as a result of the pandemic, after analyzing the full scope of the regulations involved, Penn has determined that it will not apply for nor accept the funds that would be available through the CARES Act."
Stanford, Harvard, Princeton, Yale, and UPenn all have endowments worth billions of dollars, as Campus Reform has reported. Harvard's endowment is the largest in the country, at $40.9 billion, while Yale's endowment is the third-largest in the U.S., at $30.3 billion. Stanford's endowment - $27.7 billion - ranks as the fourth largest in America. Princeton ranks fifth when it comes to the nation's largest endowments, with $26.1 billion. UPenn's endowment is worth is $14.7 billion.
Editor's note: This article has been updated to include UPenn as one of the Ivy League schools that have said it will not accept the funding.