Colleges and universities in the United States differ markedly in their access to economic resources, and hence in what they can do for their students. National data from the Integrated Postsecondary Education Data System (IPEDS) were used to describe the hierarchy that is reflected in schools' spending on their students, the prices those students pay, and the subsidies they get in consequence. Both historical data and projections based on recent institutional saving suggest that economic disparities among institutions and their students are increasing. The final section of the paper asks what to make of these findings and what can be said about the "right degree" of institutional disparity and the right amount of differentiation. (Contains 4 tables and 28 references.) (SLD)