CHICAGO (CBS) — In the race for the White House tonight – in fact, in the race all week – the big issue has been college, the prohibitive cost of tuition.
At the universities of Illinois and Chicago and Northwestern, the average tuition is more than $30,000 a year. The politicians are all a-flutter about that.READ MORE: Chicago Culture Celebrates The City While Giving Back To Youth For Black History Month
Sorry, they say, they can’t help any more than they do. The universities are saying they can’t help more than they do.
But, oh yes, they can … if they want to. They can dig into their endowments, the money they stash away to invest on Wall Street.READ MORE: Mother And 10-Year-Old Daughter Dead, 4 Family Members Hospitalized After House Fire In Auburn Gresham
The U of I endowment is almost $2 billion; the U of C, more than $6 billion; Northwestern, $7 billion.
The schools kids dream about, but will never be able to afford, like Harvard and Yale and Princeton, total endowment is $70 billion that pays off an additional $13 billion a year in interest.MORE NEWS: Chicago Weather: Warm But Wet Sunday Morning Ahead Of Cold Front
Oh, those poor, poor, poor universities.