[vonmoltke]

> in fy2019 harvard spent $193M on student aid

That is only undergraduate aid applied directly to tuition. Per Note 12 on page 43, "Total scholarships and other student awards" was $613,243k, of which $457,639K was in direct credits to expenses.

That said, I don't know where the GP got the idea that most of the endowment is earmarked for financial aid. Per page 11, that earmark is specifically 19%.