Having a $37 billion endowment evidently isn't all it's cracked up to be. According to Reuters Harvard President Drew Faust is saying that "the school is looking at ways to cut spending and will review compensation costs, which account for nearly half of the budget."

Why? Recession…

In the words of Reuters, "…the economic slowdown has reached America's richest university."

Harvard is also reconsidering some of its expansion plans. The school is concerned that federal grants may dry up and the falling stock market will shrink its massive endowment.

So far financial aid programs at the school have not been affected.

Recession Hits Harvard
Photo courtesy of iStockphoto, Image# 6154143

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