Given huge costs of college, there will be many SLAC that do not make it. It will happen slowly, but then suddenly. If you do not have $500k per student, in endowment dollars, you are at risk of falling behind permanently. You can "acquire" better students with money and support plant, equipment, faculty. These SLAC are nearing $100k per year in total costs, (crazy), and if you are a middle income family who does not meet aid requirements, its intimidating. Denison is wealthy and fortunate. Thats a big part of why they are rising.