CAMBRIDGE, Mass. — Harvard University announced Wednesday it will turn down $8.7 million in federal coronavirus relief, a day after President Donald Trump excoriated the wealthy Ivy League school over taxpayer money it stood to receive.

It followed similar actions at Stanford and Princeton universities, which said they will too will reject millions of dollars in federal funding amid growing scrutiny of wealthy colleges.

Officials at Harvard said the school still faces significant financial challenges due to the pandemic but will refuse the money over concerns that “intense focus by politicians” will undermine the relief program created by Congress.

“While we understand any reallocation of these resources is a matter for the Department of Education, we hope that special consideration will be given to Massachusetts institutions that are struggling to serve their communities and meet the needs of their students through these difficult and challenging times,” Harvard said in a statement.

Trump later thanked Harvard and Stanford at a White House press conference, saying he was pleased the schools turned down the funding.

“They stopped it,” he said. “They’re not accepting the money and that’s great. So I want to thank Harvard. I want to thank Stanford.”

Congress is offering $14 billion to the nation’s colleges and universities as part of a $2.2 trillion rescue package. Schools were allotted varying sums based on their size and the number of students they teach from poorer backgrounds.

But Trump said Tuesday that Harvard “shouldn’t be taking” its share because it has such deep financial reserves. It echoed concerns from other critics, including some alumni, who said Harvard doesn’t need the money and can rely on its nearly $40 billion endowment.

Education Secretary Betsy DeVos on Wednesday said other rich schools should reject the funding. Affluent schools that do not primarily serve low-income students “do not need or deserve additional taxpayer funds,” she said in a statement.

“Schools with large endowments should not apply for funds so more can be given to students who need support the most. It’s also important for Congress to change the law to make sure no more taxpayer funds go to elite, wealthy institutions,” she said.

Only hours later, Sen. Josh Hawley, R-Mo., said he was introducing legislation to block colleges from receiving coronavirus relief if they have endowments topping $10 billion. Under the proposal, those schools could access federal relief only after they spend a large share of their own money — an amount 10 times the size of their federal allotment — on direct aid for students.

About a dozen U.S. schools have endowments large enough to be affected by the proposal.

The higher education funding was meant to help colleges and students facing financial losses triggered by the pandemic. If colleges accept the funding, they’re required to spend at least half on direct grants for students. Harvard had previously committed to spending its entire share on students, and on Wednesday said it is “fully committed to providing the financial support that it has promised to its students.”