<p>“The difference [in expenditure per student] may actually be somewhat larger for undergrads since 20+% of Wesleyan’s students are grad students, typically with higher per student expenditures than for undergrads.”</p>
<p>That depends on which side of the ledger you are talking about. Doctoral students typically receive stipends which are in lieu of financial aid; that portion of their “cost” is actually considered an educational benefit that accrues to undergraduates as well the labs which, typically, they run and the equipment made possible by their presence on campus. It’s also not clear how much of the two school’s educational expenditures include outside funding which, in the hard sciences at least, Wesleyan receives between six and seven times the amount Swarthmore does.</p>