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Tuition has also skyrocketed recently (mid 2000s on when the FED took over issuing student loans) so they went back when it was more affordable
Also, many elite private schools have a large enough endowment to offer a surprisingly high amount of Financial Aid. Stanford, for example, has a full 50% of their students on Institutional Grants and Scholarships, compared to only 14% on Pell Grants, and a mere 8% on student loan aid....
for Yale, those numbers are 51/16/9
https://nces.ed.gov/collegenavigator/?q=yale&s=all&id=130794#finaid
Also, many elite private schools have a large enough endowment to offer a surprisingly high amount of Financial Aid. Stanford, for example, has a full 50% of their students on Institutional Grants and Scholarships, compared to only 14% on Pell Grants, and a mere 8% on student loan aid....
for Yale, those numbers are 51/16/9
https://nces.ed.gov/collegenavigator/?q=yale&s=all&id=130794#finaid