<p>ALL of Yale’s undergraduate financial aid represents something between 0.1% and 0.2% of its current endowment, annually. Making Yale tuition-free for all undergraduates would only cost a little more than 0.3% of endowment. Given that normal endowment spending rates are in the 4-4.5% range (Yale and Harvard haven’t come close in a long time), and given that maintaining current financial aid levels is a top priority for the university and a very public commitment, it’s hard to see why the recent endowment losses should make any difference.</p>