<p>USKOOLFISH- what you miss in your analysis possibly and what GreenGecko may be on to something is that a significant part of NYU’s endowment must be invested in safer fixed income as opposed to stocks. Since 2008-2009 at least 1/3 of that allocation has seen interest rates fall from 5% on average to 1.5%. A dramatic loss in endowment income. Possibly this income was used for merit scholarships along with alumni donations specifically earmarked for merit scholarship or aid directly from NYU. So while the prospective students are feeling better about paying NYU’s high tuition or borrowing it NYU like many non- profits are in a low cash flow position from the endowments versus 12 years ago. Also they have been aggressively hitting up alumni like I have never seen before. I suspect they need more students that can pay the bill or borrow the tuition bill. Just my guess.</p>