Harvard plans to borrow $750 million after federal funding threats over protests

Harvard University plans to borrow $750 million from Wall Street as part of contingency preparations, it says, days after President Donald Trump’s administration announced a review of $9 billion in federal grants and contracts to the Ivy League school in a crackdown on alleged antisemitism on campuses.

In a letter to Harvard last week, the government listed conditions that Harvard must meet to receive federal money, including a ban on protesters wearing masks to hide their identities and other restrictions.

Harvard acknowledged receiving the letter but did not comment further.

“As part of ongoing contingency planning for a range of financial circumstances, Harvard is evaluating resources needed to advance its academic and research priorities,” Harvard University says.

Harvard’s plans come less than a week after Princeton University said in a notice dated April 1 that it was also considering the sale of about $320 million of taxable bonds later this month. Princeton said last week the US government froze several dozen research grants to the school.

Harvard intends to issue up to $750 million of taxable bonds for “general corporate purposes,” a spokesperson says. The university had $7.1 billion of debt outstanding at the end of fiscal year 2024, and anticipated about $8.2 billion after the proposed bond issuance. The university most recently issued $434 million in tax-exempt bonds in March 2025 and $735 million in tax-exempt bonds in spring 2024, its spokesperson says, adding it also issued bonds in 2022.

Harvard has a $53 billion endowment, the largest of any US university. Advocates, students and several faculty members have called on university leadership to resist the demands from the Trump administration.