Trump on Tuesday threatened the school’s tax exempt status, and a $2.2 billion freeze on grants kicked in. Harvard borrowed money in anticipation of cuts.

Harvard University rejected the Trump administration's sweeping demands to reshape its operations, citing a profound threat to its independence and mission. This defiance followed intense internal discussions and a determination that the government's proposals were overly intrusive.

Harvard said it would not bend to the government's demands, prompting the Trump administration to freeze $2.2 billion in funding for the university.