The Federal government and Germany's states have agreed on a plan to finance so-called "elite universities" and institutes within the country's higher education system. Education Minister Edelgard Bulhman announced a few weeks ago that she wanted to pick the five best universities from among Germany's 350 institutes of higher learning and set aside €250 million ($304 million) in federal money. The idea was to create "Harvards on the Rhine" that could compete with top universities and institutes worldwide. Germany's states, on the other hand, demanded that specific faculties and institutes get the money, not entire universities. In the end, the two sides agreed to finance both entire colleges as well as university-related institutes. They also want to create graduate schools that would produce the next generation of academics. In addition to the €250 million from the federal government, Germany's 16 states will invest an as-yet undetermined amount.