The Harvard University is the oldest higher educational institution in the US, founded in 1636. It is located in Cambridge, Massachusetts, which is right across the Charles River from Boston, and has become part of the larger Boston area by now. The University is one of the most famous such institutions in the US and in the world, with an outstanding law school, medical school, business school, and it also has excellent reputation in humanities and social sciences. Harvard University Library system has the second largest collection in the US (after the Library of Congress), Harvard University Press is a respectable academic publishing house. It has more than 6,000 undergraduates and more than twice as many graduate students. Competition for places is so strong that only about 9% of undergraduate applicants are accepted. Tuition for undergraduates was above $32,000 in 2006, which does not include accomodation and board! Harvard is the richest university in the US: its endowment (the capital of the university) is above $22.5 billion dollars!