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I would still argue the tuition paying students, both undergrad and grad, are the most important clients, perhaps on par with the professors and researchers. To be clear, I don't think tuition-paying students are important to Stanford because of the money they make the university. Stanford's reputation and influence, in the long run, relies on successful acquiring and retaining the best of the best of those two groups. Those students graduate and carry their degrees into law, business, public service, sports, etc and end up truly deciding the value of the Stanford identity. And if Stanford alienates those students by giving out back-door degrees to anyone with a computer and internet access without have to gain admission or pay any kind of tuition, then top students will go elsewhere. Sure, the Stanford endowment will carry on, even if the classrooms are empty, but Stanford's role as an instution of influence will be diminished, except in it's influence over the markets.