What Makes a School "Elite"?

@TopTier Thats a good point, and endowment is not a perfect metric for defining elite. But how about cost per student metric that is available [url=<a href=“http://collegemeasures.org/4-year_colleges/college-performance-rank/%5Dhere%5B/url”>http://collegemeasures.org/4-year_colleges/college-performance-rank/]here[/url]? It shows how much a college spends per student, which should somehow translate into academic quality and prestige.

Detour from that, how in the world can Yale, WashUSTL, and other schools spend so much more than their tuition? It seems crazy.