Forty-seven U.S. colleges and universities have reached or passed the $1 billion endowment mark, reports AP. Yet costs to students keep rising.
Despite tripling its wealth over the past decade, the average billionaire college has nearly doubled its price. Tuition and fees at the average private billionaire college hit $29,002 in 2004; at public universities in the group, it cost $7,230 to attend the typical flagship campus.
The costs have provoked criticism that the richest colleges should use more money from their savings than they do now — at most schools, about 5 percent per year.
Rich colleges are offering more grants, rather than loans, to students who demonstrate financial need, but low-income students rarely qualify for admission.