(The Hill) -- The Education Department on Friday said it would place Harvard on Heightened Cash Monitoring (HCM) status due to concerns about its financial stability, the latest in a long list of Trump administration moves against the nation’s oldest and richest university.

The new status means Harvard will have to use its own funds to initially disburse federal student aid before going to the department, although students will still have access to federal money.

Harvard covering the initial disbursement is a “guardrail,” according to the administration, “to ensure Harvard is spending taxpayer funds responsibly.”

The Federal Student Aid office will also require an irrevocable letter of credit for $36 million due to the financial risk the government is taking on as the institution is und

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