Debt Financing & Rates

At Harvard University, debt is issued centrally through the Central Bank for use by Individual schools and units. Debt activities and policies are overseen by the Debt/Asset Management Committee (DAMC) on behalf of the President and Fellows.



The University's Central Bank provides debt financing for capital projects throughout Harvard.

The Central Bank offers several interest rates to internal borrowers for their capital projects.

Blended Debt Rate: This rate applies during the Construction in Progress (CIP) period and after completion when a loan is created.  It is set annually by the University, and based on the weighted average interest rate of the University's portfolio of debt used for capital projects.

CIP Rate: This rate applies during the construction-in-progress (CIP) period for projects that will require at least $1 million in debt financing.  At project completion, a long-term loan is initiated at the blended debt rate. This rate is updated monthly.

T-bill Rates: Historical 90-day treasury bill rates.

Current rates can be found in the Annual Budget Letter (login required). Please contact the Office of Financial Strategy and Planning to gain access to the Budget Letter.

Loan Application

All loan applications are processed through the CAPS system. Treasury approves debt financing and determines the appropriate source of funding. Debt-specific questions about the CAPS forms should be addressed to Treasury. Specific questions about the CAPS form should be directed to the CAPS office (

 Calculating a Loan Term: When requesting a loan term for a componentized building, tubs should ensure that the loan term does not exceed the weighted average useful life of all components in the project, especially as related to lab projects. Click here for a template to calculate the recommended loan term for your project. For more information, see the Fixed Asset Policy.