In the four months since the June 30 close of its fiscal year, Harvard University’s endowment, then valued at $36.9-billion, has lost 22 percent of its value, amounting to a loss of more than $8-billion, reports The Harvard Crimson.

President Drew Faust and Executive Vice President Edward Forst announced the news in a letter to the university deans this week, the Crimson reports. Both expect the endowment’s decline to be 30 percent at the end of the current fiscal year.

The New York Times reports that the university expects other hits to come with a decrease in donations and tuition, as more students are in need of financial aid.

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