Financial crisis ravages Harvard endowment

Financial crisis ravages Harvard endowment
# 05 December 2008 09:04 (UTC +04:00)
Washington –APA. The US richest university also suffered from the global financial crisis. Harvard University has lost 22 percent or eight billion dollars of its 37-billion dollars endowment since August, 2008, APA reports. Harvard president Drew Faust announced they would be forced to cut expenditures, to stop construction of new campus and to review salaries of professor staff. Annual tuition in Harvard is about 45 thousand dollars, but the university receives less than this sum at the expense of multiple aid programs. Students from the families with the annual incomes less than 60 thousand dollars enjoy with free education. Those who have 60-80 thousand annual income pay about several thousands and rich students with 120-180 thousands of annual income pay at least 10 percent of education fee.
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