One hundred and fifty million dollars go a long way. With that amount of money one could probably renovate a shanty-town in sub-Saharan Africa, distribute millions of malaria nets, or fund a vaccination campaign in a developing country. How, then, can such a huge donation to the richest university in the world be justified? The question is not a difficult one if we see Ken Griffin’s donation, $140 million of which went to financial aid, as an investment.
For better or for worse, graduates of elite institutions like Harvard are seen as the world’s next generation of leaders. Some of the students leaving these gates are likely be heads-of-state of their home countries, CEOs of Fortune 500 companies, Nobel Prize-winning scientists, human rights advocates, philanthropists, and policymakers with enormous capacity to do good in the world. Unfortunately, even with an already-generous financial aid program, the steep price of a Harvard education means that the opportunities associated with the degree are out of reach for a huge number of lower and middle-income people from all over the world. Current students at the college, prospective students without the financial resources to attend in the future, and the world-at-large are worse off for the exclusion of these students and the fresh perspectives they might bring to this center of learning.
One hundred and fifty million dollars spent wisely goes a long way, but the dividends from $140 million invested in the future go even further. With that money, nearly 600 young adults—and perhaps even more if the money is made into an endowment—could receive a Harvard education at no cost whatsoever to their families. Collectively, these potential graduates have the capacity to give back to the world many times more than Mr. Griffin could have given himself.
Recent recipients of financial aid have gone into civil rights law, educational advocacy, and business positions dealing with developing countries, positions of influence that they might never have achieved without a debt-free Harvard education. Informed by their own understanding of the needs of the less fortunate, many of these alumni are already giving back to their communities and the world despite having just begun their careers. By opening up access to a world-class education to hundreds of students, Griffin’s investment could someday be worth billions of dollars to exactly same the people that critics of the gift say need it most.