Facing a projected 30% drop in its endowment, Harvard lays off 275 staffers

Colleges and Universities A-Z Harvard University
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<p>"Harvard University announced this morning that it plans to lay off 275 staff members as the college grapples with budget pressures caused by a precipitous endowment decline.</p>

<p>In a letter to the Harvard community this morning, President Drew Faust said the reductions at most of Harvard’s 10 schools will begin this week. Staff cuts at the Faculty of Arts and Sciences, the university’s largest school, the medical school, and the central administration will start next Monday....</p>

<p>Facing a projected 30 percent drop in the value of its endowment, Harvard had already made the decision to withhold raises for about 9,000 faculty and non-union staff members for the next school year. And it has offered a voluntary early retirement program to about 1,600 staff members that ultimately shed more than 500 employees. But the savings were not enough, Faust said.</p>

<p>In addition to the impending layoffs, about 40 more staff members will be offered positions with reduced work hours, said an accompanying letter by Marilyn Hausammann, Harvard’s vice president for human resources."
Harvard</a> to lay off 275 - Local News Updates - The Boston Globe</p>

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<p>In case you’re counting, that’s about 2% of Harvard’s 13,000 or so non-faculty staff.</p>

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<p>Hmmm. Does this mean marginally higher chances for international students not applying for financial aid? I know Harvard says it’s need-blind, but I still think that they look at finances. (Maybe it’s just me who thinks this way.)</p>

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<p>FAFSA is filled out and sent to all schools if someone wants $. Of course they see it</p>