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‘Stop, stop, stop’: Air traffic control intervenes to avoid plane collision at LAX
(www.independent.co.uk)
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It's probably cost effective to lease a plane for that many people. Plus you're not at the whim of airline delays or cancelations.
I doubt they own a plane. They may be part of a co-op/time-share kind of arrangement. Or they may just hire a private plane as needed.
Edit: though I completely agree with your criticism of tuition, explosive costs, etc. There are more people in university administration than students today, not including faculty, just administration.