Harvard raises $50 million to fund new PhD fellowships after sharp admissions cuts

Harvard University’s Faculty of Arts and Sciences (FAS) has raised $50 million from donors to create new PhD fellowships, according to a report by The Harvard Crimson. The fundraising drive comes months after the school sharply reduced doctoral admissions because of financial pressure. The initiative aims to raise a total of $100 million by June 30 to establish 50 new endowed fellowships. University officials say the effort is designed to stabilise graduate funding at a time when research support and institutional finances are under strain.

The admissions cuts were announced last fall by FAS Dean Hopi E. Hoekstra. She cited uncertainty in research funding and the impact of a higher federal endowment tax as key reasons for reducing incoming PhD cohorts for the next two years.

$100 million target and major donors

The first $50 million includes a lead gift from Alfred Lin ’94, managing partner at venture capital firm Sequoia, and Rebecca Lin ’94. Additional contributions came from Rui Dong ’05, a senior vice president at investment firm D.E. Shaw, and Brian D. Young ’76, founding partner at private equity firm Eos.

Under the challenge campaign, new donations made to create named fellowships will be matched. This structure is intended to encourage more alumni and supporters to contribute before the June deadline.

FAS spokesperson James M. Chisholm said the new fellowships will support PhD candidates across all three FAS divisions — Arts and Humanities, Social Sciences, and Sciences — as well as the School of Engineering and Applied Sciences (SEAS). The final distribution of funds has not yet been decided. Chisholm noted that allocation will partly depend on donor preferences.

Dean Hoekstra described the initiative as an experiment during a faculty meeting on Tuesday. While she praised the speed of the fundraising effort, which was mobilised in eight weeks, she also acknowledged uncertainty about its long-term sustainability. “We are running an experiment that may or may not work,” she said, as quoted by The Harvard Crimson.

Admissions reduced by more than half

In October, FAS reduced PhD admissions across divisions by more than 50 percent for the next two years. The Sciences division initially faced a proposed 75 percent reduction. After strong objections from faculty members, administrators revised the cut to 50 percent.

Faculty members have raised concerns about the academic impact of these reductions. History professor Sugata Bose said departments have been forced to turn away candidates who would likely have been admitted in previous years.

“I’ve never seen such rare talent not being admitted,” Bose said during the meeting, according to The Harvard Crimson. He pointed to highly qualified applicants being placed on waitlists when they would normally have secured admission offers.

Bose urged administrators to use part of the newly raised funds immediately to admit exceptional candidates in the current admissions cycle. However, Hoekstra declined to commit to expanding admissions this year. She said the new endowments would help increase admissions above the reduced levels in future years.

Chisholm added in a statement that gifts made in the coming months could support new PhD students as early as the next academic year. Some donors have already provided funds that can be used more immediately to expand PhD support beginning next fall.

Broader financial pressures

The fundraising effort comes as FAS faces a $365 million structural deficit. The school has implemented several cost-cutting measures in response. These include vacating rented space, keeping spending flat, and pausing new faculty hires for fiscal year 2026.

By relying on donor-backed endowments, Harvard aims to fund graduate education without placing additional strain on its operating budget. Endowed fellowships provide long-term financial support because they are backed by invested funds that generate annual returns.

The success of the $100 million campaign will play a key role in determining whether Harvard can rebuild PhD admissions levels in the coming years while managing ongoing financial challenges.
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