<p>LAV – Harvard’s revenue from students last year was about $650 million, a little more than 20% of its operating budget. Somehow I don’t think the expenses of collecting and accounting for that money, or having a financial aid office, are high enough to make much of a dent in the $650 million.</p>
<p>Anyway, I would rather Harvard charged the going rate for its services and then did something fabulous with its endowment. Think of the debt we owe Lorenzo de Medici – not a nice person at all – for the art he commissioned during his lifetime.</p>