Congress s coronavirus package gives less aid to wealthy universities.
After President Trump and Education Secretary Betsy DeVos criticized giving private colleges and universities with large endowments help in the CARES Act, wealthier institutions like Harvard, Yale and Stanford Universities had their share of the money in the latest coronavirus relief package cut in half.
Under a little-noticed provision in the bill passed two weeks ago, private higher education institutions that were required by a 2017 law to pay a 1.4 percent excise tax on net investment income not only had their aid slashed, they were barred from using the money they will get to defray their financial losses from the pandemic. The relief bill allows them only to use the aid on emergency grants to students or to pay for personal protective equipment and other health and safety costs associated with the coronavirus. Higher education received about $23 billion in the legislation.
Stimulus bill gives colleges $22.7 billion, but advocates say much more is needed washingtonpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from washingtonpost.com Daily Mail and Mail on Sunday newspapers.
Stimulus deal delivers billions in pandemic aid to colleges, but much more is needed, advocates say Danielle Douglas-Gabriel
Replay Video UP NEXT Congress is throwing a lifeline to colleges and universities in the $900 billion stimulus package, but higher education experts say the relief aid is not enough to stave off a fiscal crisis in the sector. With many students either fully remote or sparsely populating campuses, schools are forgoing money from room and board, parking, bookstores and events. Enrollment is down across the country, sinking tuition revenue, and the ongoing public health and economic crises raise fears of continued declines.