Tuitions rise while endowments swell.
As we have noted in the past, higher education institutions are now investment organizations with annoyingly high overhead (faculty, students, buildings, sports facilities, etc). If they could just dump that overhead, they might be pretty good businesses. It might not hurt to just keep the football and basketball teams, though, for fresh cash flow.
The situation reminds me of the time, about 20 years ago, when ski areas woke up and realized that they were actually real estate businesses.