Harvard University, one of the most prestigious of America’s Ivy League universities, has revealed a significant financial strain amid its ongoing battle with the Trump administration. The school plans to borrow $675 million through a Massachusetts agency that sells low-cost municipal bonds for certain private entities, universities, specifically for universities. This borrowing is not unusual as it is being used mostly to refinance older, higher-cost bonds and to fund capital projects. However, the school's $56.9 billion endowment returned an 11.9% return for the fiscal year ended June 30, 2025, which did not beat the S&P's 13% gain. The preliminary offering statement also revealed that Harvard's highest bond ratings were triple-A from Moody's and Standard & Poor's. Despite these challenges, Harvard maintains that its admission process is more selective than the previous year's "test optional" standard.