Vassar has about a billion dollars in their endowmet. For vasser to cover their expenses, they need to take out significantly more from their endowment than boden does. Last year, in fact, vassar had a bad year, and they ended up withdrawing more than they earned. So what are vasser's other options? Well, they could get smaller. One of the reasons boden is in such better shape is that boden has only 18 hundred students. Vassar is more than a third larger. If vasser were boden size, then suddenly they'd have 650 fewer students to subsidize with their endowment. It would be totally self defeating