@bclintonk: As @ucbalumnus pointed out, a big variable is missing in your analysis: The percentage who need fin aid and amount needed. Even though those LACs have a much higher sticker price, I’m going to wager that a smaller percentage of their student body needs fin aid than UMass’s. Simply put, those LACs enroll a higher percentage of high-SES compared to UMass. Naturally, those folks do not have to take out loans.