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Top universities sitting on over $200B in endowments while taxpayers foot bill for Biden student debt handout
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Ten of the top U.S. universities have endowments worth more than $200 billion even as President Biden plans to cancel up to $20,000 of student loan debt for many Americans.
The list of ten universities — which include elite institutions like Harvard and Yale University — have endowments totaling $209.8 billion, according to fiscal year 2020 data compiled by U.S. News & World Report. While such institutions rack up massive endowments, though, many of their graduates will receive a $10,000 or $20,000 taxpayer handout courtesy of the Biden administration.
"Harvard has a $42 billion endowment. Yale’s is $31 billion," Matt Rinaldi, the chairman of the Texas Republican Party, tweeted Tuesday, "But Biden will tax truck drivers and plumbers to pay the student loans that built those empires."
In addition to Harvard and Yale, other top universities like Stanford, Princeton and Massachusetts Institute of Technology have endowments worth between $18-$29 billion. University of Pennsylvania, Texas A&M, Notre Dame, University of Michigan — Ann Arbor and Columbia have endowments worth between $11-15 billion.
STUDENT LOAN DEAL COULD COST $900B AND FAVOR TOP EARNERS, ANALYSIS SHOWS