Some student groups have been beating the drums for universities to make their endowment decisions transparent, on the grounds that anyone who is part of the “university community” has a right to know what administrators are doing with the endowment. On the contrary, I argue here that at private schools there is no right to such information. Students can ask for such information, but they have to accept that merely by virtue of being enrolled, they don’t have any right to every last scrap of school information. The school is entitled to keep many matters private — just as the students themselves are.