Really? From the Yale Admissions website:
The total Cost of Attendance for attending Yale in 2012-2013 is $58,600, which includes tuition ($42,300), room ($7,150), board ($5,850), and books and personal expenses ($3,300).
That's just short of sixty grand worth of "nonexistent". I'm guessing the author of the letter isn't majoring in Business. Or Economics. Or Mathematics, or Engineering, or any other field where hiring a complete fool might be dangerous.
Grandmother took care of those dreary financial matters....