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Economics professor Phillip Levine calculated that nine schools would hit the top tax rate, and Harvard, Yale, Stanford, Princeton, and MIT would each owe more than $410 million in taxes a year.

A 14 percent endowment tax—in the middle range of the proposals—would cost Harvard, for example, about $560 million a year, according to an analysis by economics professor Phillip Levine.

Wellesley's 2025 Commencement speaker was Isabel Wilkerson, journalist who has won the Pulitzer Prize and the National Humanities Medal and author of “The Warmth of Other Suns” and “Caste.”

Sheep are grazing near Paramecium Pond to help the Botanic Gardens with meadow diversification

If Harvard loses tax-exempt status, the university will “lose the ability to enroll the very brightest lower and middle-income students who can now afford to be able to enroll," says Phillip Levine.

“The perception that college is financially inaccessible is out there,” says Phil Levine. “Every time there is another headline that says college costs $100,000, it inadvertently misleads people.”

The project combines Tian’s interest in textile design, music and technology

Not even heavy rain could dampen the excitement as Wellesley College seniors ran down Tupelo Lane with wooden hoops in one of the school’s oldest traditions. Arushi Ghosh ’25 was this year’s winner.