ARE ELITE UNIVERSITIES hoarding resources at the expense of their students?

Should there be a 5 per cent payout requirement? “What this means is this: rich schools have chosen to charge students high tuition and then use the funds to increase the size of their endowments (especially so at Harvard, Yale, and, I believe, Princeton) rather than relieve financial pain for parents. The IRS requires non-university charities to spend 5 percent out of their endowments if they want to keep tax exempt status. There is a reason for that.”