Another example. BYU’s AD has zero debt but some places like OU and Cal have $200 to $400 million or more in debt. Let’s say that is serviced over 20 years - that is $10 million (not even accounting for compound interest) out of your revenues you have to fork out. Could BYU compete against a school that gets $20 million more per year but has to service debt or the University needs the money for other building projects? Absolutely.