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The Inequalities in Higher Education
University endowments are invested because they make more money investing the stuff than spending it, obviously. So then when they want to make an expenditure, they borrow the money by floating a bond initiative. They basically sell the bonds to a bunch of rich people and get a low interest sort of a loan from these rich people. These loans to th the bonds pay, i think, two to three % a but then the advantage to the rich people who buy the bonds is that it's taxed free Because they're floated in municipal bonds rather than corporate bonds.