Like I said, it doesn't matter which one bills more. The school almost certainly won't get grad students if it doesn't offer any graduate level courses. A gra

Like I said, it doesn't matter which one bills more. The school almost certainly won't get grad students if it doesn't offer any graduate level courses. A graduate program with poorly trained students is not going to get the bigger grant funding, if only because the research is likely to be less advanced. It's even more profitable to have a class without a teacher, where people simply get a degree in exchange for money and bypass all the intermediate work. These are called diploma mills.