Harvard University announced last Saturday the launch of a campaign to raise USD6.5 billion by 2018. This was a record goal for any higher education institution. The proceeds would be used to expand the Allston campus, improve engineering programs and renovate aging undergraduate housing.

The said amount is more than double the collection Harvard made in the last capital campaign, which it did in 1999. This campaign would also serve to top a single college campaign record at USD6.23 billion over five years by Stanford University back in 2011.

Harvard had already completed a previous USD2.8 billion for the new goal in the past couple of years. These were pledges and gifts from over 90,000 alumni and others during the 'quiet phase' of the campaign according to university officials.

In a statement, Harvard President Drew Faust said, "We launch the Harvard campaign at a moment when higher education is being challenged to reinvent itself. We embrace this opportunity for a campaign that aims to do more than merely extend or reinforce long standing strength and eminence."