What is the primary source of income for most colleges?

I've always been curious about the financial side of colleges. Where do they mostly earn their money from? Tuition, endowments, governmental aid, or something else?

Colleges and universities have various sources of revenue, and it greatly depends on whether the institution is a public or a private institution.

For public colleges and universities (state schools), the largest portion of their income usually comes from state appropriations, which is essentially funding from the government. However, recent years have seen a decrease in this income stream, causing many state schools to increasingly rely on tuition and fees to cover their costs. At the same time, public colleges also receive federal aid in the form of research grants.

On the other hand, private institutions, especially those high-endowment ones (like Ivy League schools), typically have more diversified income streams. Tuition revenue is an important component, but private institutions also rely heavily on their endowments. These endowments, usually built up through donations, provide a significant source of income through their investments.

In addition to these, colleges and universities can also generate revenue through other channels such as research grants, fundraising efforts, and auxiliary enterprises (like campus bookstores or housing).

So, to answer your question - it really depends on the institution, but generally speaking, for most colleges, these main sources are tuition and fees, governmental funding, and endowments. Please keep in mind that the proportions of these can significantly vary depending on the institution's public/private status, its size, and its focus on research.