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FILE - This Sept. 9, 2016 photo shows Harkness Tower on the campus of Yale University in New Haven, Conn. A study of 800 colleges found that the average endowment return was a 2 percent loss, the worst performance since the economic recession in 2009. The largest endowments were among those hit hardest, including Harvard’s, which posted a 5 percent loss but remained the biggest at $34 billion. Yale’s remained No. 2 with $25 billion. (AP Photo/Beth J. Harpaz, File)

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Yale University alumnus Dr. Benjamin Carson, President-elect Donald Trump's pick for secretary of the U.S. Department of Housing and Urban Development, speaks at Yale, Thursday, Dec. 8 as a guest of the William F. Buckley Jr. Program at Yale. (AP Photo/Stephen Dunn)

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Yale University professor Stephen Davis, master of Pierson College, wants to do away with the word "master" in describing college heads, because some students are so "viscerally marginalized" by the term that are moving off campus in order to avoid it. (pierson.yalecollege.yale.edu)

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Yale University students wear a variety of head coverings during Class Day at Yale in New Haven (AP Photo/Jessica Hill)

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CONNECTICUT $678K -Future graduates line up for commencement on campus of Yale University in New Haven, Conn., Monday, May 20, 2013. (AP Photo/Jessica Hill)

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Students listen as Secretary of State John Kerry delivers the Class Day address at Yale University, Sunday, May 18, 2014, in New Haven, Conn. (AP Photo/Jessica Hill)

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Miriam Rock of Philadelphia, left, and Jack Shu of Potomac, Md., right, react as Secretary of State John Kerry delivers the Class Day address at Yale University, Sunday, May 18, 2014, in New Haven, Conn. (AP Photo/Jessica Hill)

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Secretary of State John Kerry, right poses for a selfie with Yale student Ariel Kirshenbaum during Class Day at Yale University, Sunday, May 18, 2014, in New Haven, Conn. (AP Photo/Jessica Hill)

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Secretary of State John Kerry delivers the Class Day address at Yale University, Sunday, May 18, 2014, in New Haven, Conn. (AP Photo/Jessica Hill)

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This book cover image released by Yale University Press shows "It's Complicated: The Social Lives of Networked Teens," by Danah Boyd. (AP Photo/Yale University Press)