> Harvard could afford to provide nearly full scholarships for every student with 1% of the annual return on its $50.9 billion endowment. Many other elite colleges could easily afford it too. They don’t, because they want to maintain an aura of exclusivity.
To me it would be more exclusive and prestigious if they gave everyone a free ride but it was entirely on merit. Like much of Europe, and how the UK used to be (tuition in the UK is still more reasonable than Harvard though).