From Bruce Chuch, Ichabod Research Department:
Summary: The LCMS seminaries have the highest overhead per student of all the accredited Lutheran seminaries in America, in part due to an inadequate endowment fund. However, much of the overhead is a result of choices the LCMS seminaries and synod have made. First and foremost is the facilities overcapacity. One seminary on one campus would more than suffice for the needs of the LCMS (allowing for the expansion of classroom buildings and dormitories, of course). Secondly, there is the over-payment of professors at Concordia St. Louis, which campus has the highest tuition rates, by the way. Third, the federal government deems the LCMS seminaries to be in great financial shape, better off than most of the ELCA seminaries, and they of course charge much lower tuition. In other words, the LCMS seminaries could afford to lower their tuition quite a bit without losing their OK credit rating with the government, and without going broke.