Duke among 16 colleges overcharging

I apologize for being simple-minded, but I don't understand how admitting full-pays increased the cost of attendance for those receiving financial aid.

For all, or most all, of these 16 universities (interesting that Harvard and Princeton didn't make the cut) it is the full pays who underwrite some/much of the financial aid awarded.

Taking Holy Cross as an example. The amount of financial aid awarded in the 2019-20 academic year was $66 million. From a revenue standpoint, where did this $66 million come from?

Part of it came from the endowment. But the amount distributed from the endowment for use in the operations of the college was only $30.4 million. And much of the endowment distribution is restricted as to purpose, and cannot be used for financial aid.

Where else, then? If the endowment only pays for a fraction of the amount of financial aid awarded, the remainder, and its a large remainder, comes from the tuition and fees that students (their parents) pay.

In 2019-20, gross tuition and fee revenue at HC was $173 million, and net revenue, after financial aid was awarded, was $107 million. (I'm simplifying the analysis by omitting revenue from room and board.)

So, by my accounting, the full pays are subsidizing the financial aid students. Fewer full pays means less financial aid is awarded.