Earlier quoted context omitted.
I think this is incorrect. It reminds me of The Simpsons' joke about Bill Gates, ("buy him out boys ... what, did you think I got rich by writing a bunch of checks?"). Harvard doesn't need anybody's money, but they sure aren't going to use endowment money to make things free. They want your money, regardless of whether or not they need it, whether it's a huge status-signaling donation or a drop in the ocean semester'…
"Harvard doesn't need anybody's money, but they sure aren't going to use endowment money to make things free." I thought Harvard did make it essentially free to attend if your parents have a middle class income.
20% of undergrads going tuition-free is just part of Harvard’s marketing budget. It’s not philanthropy, just the cost of doing business if your business is elite status signaling.