Doug Belkin

Their budgets are made up of student tuition, endowments, philanthropic donations, and government grants. Just how big their budgets are depends on a number of different factors, including, say, how much research the university does. For example, Harvard spent $6.4 billion in fiscal year 2024.

Their budgets are made up of student tuition, endowments, philanthropic donations, and government grants. Just how big their budgets are depends on a number of different factors, including, say, how much research the university does. For example, Harvard spent $6.4 billion in fiscal year 2024.

Later on in the show, we'll speak to Fanta Av, the executive director and CEO of NAFSA, the Association of International Educators, about where international students fit into balancing these budgets. But first, let's zero in on the Trump administration's threats to freeze billions of dollars in grants. from institutions and how it's unsettling universities across the country.

Later on in the show, we'll speak to Fanta Av, the executive director and CEO of NAFSA, the Association of International Educators, about where international students fit into balancing these budgets. But first, let's zero in on the Trump administration's threats to freeze billions of dollars in grants. from institutions and how it's unsettling universities across the country.

Joining me now to discuss the not insignificant impact of federal grants on university budgets is Doug Belkin, who covers higher education for The Journal. So, Doug, let's jump right in. How much does grant money matter to universities' bottom line?

Joining me now to discuss the not insignificant impact of federal grants on university budgets is Doug Belkin, who covers higher education for The Journal. So, Doug, let's jump right in. How much does grant money matter to universities' bottom line?

What kinds of challenges might the president face in pulling grant money?

What kinds of challenges might the president face in pulling grant money?

What is the result of less money coming in for this purpose?

What is the result of less money coming in for this purpose?

So what can these universities do if they see that grants are no longer as reliable a funding stream potentially as it has been in the past? Where else can they look?

So what can these universities do if they see that grants are no longer as reliable a funding stream potentially as it has been in the past? Where else can they look?

How could students feel any of these changes?

How could students feel any of these changes?

These aren't the only pressures on universities' budgets, right? I'm thinking of the fact that right after the Great Recession, people had fewer babies. Those babies are now ready to go to college, which means fewer students actually entering college now. What does all this mean for universities?

These aren't the only pressures on universities' budgets, right? I'm thinking of the fact that right after the Great Recession, people had fewer babies. Those babies are now ready to go to college, which means fewer students actually entering college now. What does all this mean for universities?

We've been talking hard numbers here about some of the impacts of what the Trump administration is doing. But I want to talk about the sort of softer, the cultural impact. Because what the Trump administration is talking about doing is installing federal oversight at Columbia, reforming campus culture at Harvard. These are characteristic changes, right, to these institutions.

We've been talking hard numbers here about some of the impacts of what the Trump administration is doing. But I want to talk about the sort of softer, the cultural impact. Because what the Trump administration is talking about doing is installing federal oversight at Columbia, reforming campus culture at Harvard. These are characteristic changes, right, to these institutions.

That was WSJ reporter Doug Belkin. Thank you so much, Doug.

That was WSJ reporter Doug Belkin. Thank you so much, Doug.