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They still get some funding from the government. State government can also invest. The concept of a private school that is free from government money isn’t really true in this age. I am pretty sure public school students have less total public government subsidies vs elite private schools. This might be due to the larger public school student population though.Rice is private so they dont get much fed assistance. The concept is just ridiculous imo.
Besides direct funding there is also a runabout way to create endowments for them. Suppose say you get rich people or industry that donates to the school. The government in turns gives them a big tax deduction. Everytime you give you someone a huge tax break then the other taxpayers need to make up for this loss. It’s not little money either. It’s in the sum of billions for each institution.