not that i am defending the university, but “expensive” is somewhat removed from “an existential risk”. Such straw men tend to be easier to knock down.
Is the argument here that Harvard, an institution (not a human being), deserves to exist more than descendants of slaves (human beings all) deserve reparations?
It's tough because it's apples to oranges, morally, but I think it's a reasonable position to argue.
I think there is a middle ground. Families could be paid from a 20% “tithe” fund for the next 100 years for example.