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Northwestern University says it will about-face bottomward about $8.5 actor in federal bang money that it was set to acquire from the U.S. Department of Education, afterward agnate moves by affluent universities that alternate funds so schools in greater charge could benefit.

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But a agent for Northwestern did not accommodate the aforementioned account on Tuesday night. In an emailed statement, Jon Yates said, “After accurate consideration, Northwestern University bent we are clumsy to acquire the requirements and evolving advice apropos the CARES Act. Therefore, the University has absitively not to administer for or acquire the funds allocated to us.”

The CARES Act, which set abreast about $14 billion for academy education, aloof money for universities and colleges based on the cardinal of acceptance it enrolled and how abounding of them came from low-income backgrounds. Half of the money that schools accustomed charge be acclimated to action acceptance emergency banking aid grants and the draft of the money can be put against added costs stemming from the COVID-19 pandemic.

Elite clandestine universities with ample endowments acquire fatigued criticism in contempo canicule for actuality awarded the abatement money. Last week, President Donald Trump singled out Harvard, which had been allocated $8.6 actor of the aborigine funds alike admitting it has the better award of any college, account about $41 billion afore the pandemic.

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After Harvard absitively that it wouldn’t administer to admission the money, added affluent Ivy League schools followed its lead. Yale University, The University of Pennsylvania, Princeton and Stanford additionally said they would not seek the funds.

Northwestern’s award totaled about $10.8 billion afore the pandemic, authoritative it amid the richest schools in the country.

In an account on CNBC on Tuesday, Northwestern President Morton Schapiro said that while some of the school’s award can be acclimated to abate the bread-and-butter blow, abundant of the funds are belted and can’t be acclimated to awning all of the new costs from the pandemic.

“We are not activity to acquire the government money. A lot of our aeon are not,” he said. “That’s no criticism for those schools who do.”

The University of Chicago, which has an award of about $8.2 billion, has additionally been allocated $6.2 actor from the CARES Act. The academy did not anon acknowledge to a appeal for animadversion Tuesday night about whether it will acquire the funds.

echerney@chicagotribune.com

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©2020 the Chicago Tribune

Visit the Chicago Tribune at www.chicagotribune.com

Distributed by Tribune Content Agency, LLC.

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