By Richard K. Vedder – College endowments totaled $448.6 billion in the fiscal year ended June 30, 2013. As we know, this wealth is concentrated among a privileged few.
A student graduating from Yale or Princeton, with their roughly $2 million endowments per student, has a ticket to a well-paying job, while one graduating from the College of St. Joseph in Vermont, with its $29,000 endowment per student, does not.
The federal government subsidizes this academic aristocracy (made more exclusive by elite highly endowed schools giving admission preferences for children of alumni) in several ways. more> http://tinyurl.com/ltqf5pj