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: Search Continues For Hennessy, The Cat Who Survived Miraculous Six-Story Jump From Burning Apartment
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: Chicago Restaurants Navigate Loosening COVID-19 Restrictions During Bridge Phase
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: Convicted Man Fighting To Have Case Reheard After Jailhouse Confession Removes Evidence In A Murder He Says He Did Not Commit
Oh, those poor, poor, poor universities.