Sep 06, 2016 07:16 AM EDT By Emily Marks, UniversityHerald Reporter

Harvard University was able to successfully raise $7 billion for its fundraising campaign, which began in 2013. It has beaten Stanford, which was able to raise $6.2 billion for its campaign that ended in 2011.

According to Harvard Magazine, the figure is not adjusted for inflation. However, it is still the largest sum ever raised in a higher-education capital campaign. The campaign is set to end by Jun. 2018.

The Ivy League university was able to reach $5 billion as of Dec. 2014. By Jun. 30, 2015, it has already reached the $6 billion mark.

"I am deeply grateful to everyone who has participated in this outstanding effort so far," said President Drew Faust in a statement. "Our aspirations speak to our larger hopes not only for a better Harvard, but also for a better world-a world changed by the students we educate, the knowledge we pursue, and the discoveries and innovations we generate every day on our campus. The support we've received thus far resounds with confidence in the enduring value of this work and the essential role that Harvard-and all of higher education-plays in society."

However, Quartz noted that Harvard's record-breaking campaign would be bad news for the majority of U.S. higher education. This is because the university's funding campaign is highlighting the fact that large donations are being given to already wealthy universities that don't pay taxes and have large endowments.

In a 2015 report, it was revealed that Harvard University saved up to $48,000 by not paying tax on endowments. Princeton University got the top spot with a whopping $105,000. Yale and Stanford saved $69,000 and $63,100, respectively.

Another reason why Harvard's campaign is bad news for the country's higher education is that, if this keeps up, poorer institutions will continue to be poor because people are giving their money to wealthy universities. This is a huge problem because it means that the nation is actually focusing on just producing "a handful of geniuses" than producing more highly-skilled people.

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