There are reasons the richest 1% of non-profit colleges and universities own 54% of endowment and it impacts student debt, authors of upcoming book write.
) own 54% of endowment in higher education today, while the richest 1% of American households own 53% of households' invested capital.This parallel helps to explain the rising debt of undergraduates, which impairs social mobility in the nation.
This advantage started with unequal fundraising because wealthy schools had more rich alumni, who made large gifts and bequests.of endowment is associated with an additional $2 million in annual donations. Compounding that factor, wealthy schools spend less per-dollar raised than do less endowed schools.
In the 1970s, these institutions started"total return" investing in riskier"growth" stocks. In the 1990s, they invested in even riskier"alternative assets," including hedge funds, private equity, and natural resources. All these factors constitute rich schools' wealth advantage and parallel those benefitting wealthiest Americans. They also help explain the rising debt of undergraduates.
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