[simonster]

If this is true (https://en.wikipedia.org/wiki/Legacy_preferences#Economic_im... suggests it's disputed), the effect is probably marginal, and in any case, Harvard has the largest academic endowment in the world. It seems unlikely that it needs legacy admissions to stay afloat.

[tnecniv]

They don’t. Most major private institutions don’t. However why tap into your endowment when people will give you money?