Not sure why you're being downvoted, this is absolutely the case. Just look at the exploding expenditure on "administration" rather than education at these universities.

Universities exploit ridiculous student loan programs to make indentured servants out of their customers.

It's being downvoted because a sentence like this: "Most of these elite universities literally pocket billions of dollars at the end of the fiscal year" is so vague that it's hard to tell what exactly he meas.

I'd imagine he's discussing the endowments of said universities, which are earning billions of dollars a year

It angers me that the top Universities sit on billions of dollars while at the same time restricting the number of incoming students to just a few thousand. IF THE ENDOWMENTS WERE TAXED THE UNIVERSITIES WOULD WANT TO SPEND THE MONEY, AND HOPEFULLY THEY WOULD OFFER MORE SLOTS TO APPLICANTS.