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Harvard University’s Graduate School of Arts and Sciences is cutting the size of its incoming class. “In the process of developing the fall 2017 admissions targets in conjunction with the graduate financial aid budget, it became clear that a modest year-over-year reduction in class size would be necessary in order to ensure no disruption of support for current students,” the university said in a statement Monday, declining to share an exact percentage decrease in slots.
The decision was driven in part by lower-than-expected endowment results. Harvard announced earlier this academic year that its endowment had suffered a 2 percent, or $1.9 billion, loss, and that performance could be “muted” for some time to come. Harvard’s graduate school has relatively generous aid packages, with most Ph.D. students guaranteed funding and benefits for at least five years. At the same time, Harvard remains the world’s wealthiest university, with an endowment of $35.7 billion.
