The U.S. Department of Education has placed Harvard University under financial stability monitoring, demanding the Ivy League school to post a guarantee that its federal debt will be repaid.
On Friday, the Department’s Office of Federal Student Aid announced that Harvard has been placed on heightened cash monitoring status. This designation means the university must use its own money to disburse federal student aid before seeking reimbursement from the department.
“Students will continue to have access to federal funding, but Harvard will be required to cover the initial disbursements as a guardrail to ensure Harvard is spending taxpayer funds responsibly,” the department said in a press release….