Yale has 12000 students, 7000 are grad students, many of which have tuition waiver. Even if every one of these 12000 paid $40,000 tuition receipts would only be

Yale has 12000 students, 7000 are grad students, many of which have tuition waiver. Even if every one of these 12000 paid $40,000 tuition receipts would only be half a billion which is a third of what their endowment makes a year. I'd be very surprised if the actual tuition receipts are even a third of that with all the scholarships and phd waivers they give out. Still, why throw away 100+ million a year if you don't have to?