Yale joins Harvard in saying it will not accept stimulus money from US government
Sign up now: Get ST's newsletters delivered to your inbox
Yale is the second richest private US college with an endowment of US$30.3 billion.
PHOTO: YALE UNIVERSITY/FACEBOOK
NEW HAVEN (BLOOMBERG) - Yale University said it will not accept its allocation of US$6.9 million in federal stimulus money designed to help colleges blunt the economic impact of the coronavirus.
"Though Yale is experiencing great budgetary pressure as a result of the pandemic, the university has decided not to seek these emergency funds," the school said in a statement Wednesday (April 22).
"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."
Yale, the second richest private US college, with an endowment of US$30.3 billion, is joining Harvard, Princeton and Stanford, which are declining allocations set by the Education Department.
Earlier this week, US President Donald Trump denounced Harvard and said the school should return the money.
None of the schools have yet to receive any of funds from the government.