I think of it as some form of social subsidy. Universities with large endowments get a lot of money from donations, and they can afford to offer generous financ

I think of it as some form of social subsidy. Universities with large endowments get a lot of money from donations, and they can afford to offer generous financial aid to non-rich students. The flip side is that some rich kids have a lower barrier of entry, probably the richer the lower. Life is not perfect, or fair, but this subsidy is a pretty decent outcome in an imperfect world.