USC, which boasts an endowment of $5.5 billion, announced this week that it will accept $20 million in federal Chinese virus relief. Ivy League institutions including Harvard, Princeton, and the University of Pennsylvanuscia announced this week that they will reject federal aid following pressure from President Donald Trump and the general public.
According to a report by the College Fix, USC has accepted a $20 million stimulus grant that it is eligible for under the CARES Act, a coronavirus relief program that was passed by Congress in March.
This week, President Donald Trump told Harvard University that they would be required to pay back the $8.7 million that the institution was entitled to under the CARES Act. Although Harvard initially resisted calls to not accept the federal money, it eventually relented.
“They have one of the largest endowments anywhere in the country, maybe in the world, I guess,” Trump said during a press conference. “And they’re going to pay back that money. They shouldn’t have taken it.”
Ron Mackovich, a senior media relations specialist for USC, said that USC is “grateful” for the $20 million they will receive from the CARES Act.
“As one of the largest private research universities in the country, we have 48,500 students — three quarters of whom receive financial assistance. Despite an endowment that is substantially smaller than that of our peers, we have one of the nation’s largest financial aid pools, which exceeds $640 million,” Mackovich said.
Mackovich claims that USC will use the funds to aid students that are struggling as a result of the Chinese virus pandemic.
“We desperately need these emergency funds and will drive 100 percent of them toward supporting our students who are experiencing financial hardships,” Mackovich added. “Our goal is to assist as many students and families as possible in meeting their financial demands during this disruptive time.”
Harvard, Yale, Princeton announced this week that they will reject federal coronavirus relief from the CARES Act. Harvard initially planned to accept the funds before facing pressure from both the public and the president.