Greek Life costs money, yo

There're all sorts of Greek life. I mean, Armstrong and Hamilton tended to focus more on the "exclusive" houses but other groups aren't as high maintenance. Which leads the conversation into monetary spending.

Colleges and "elite" Greek groups do support privatization because colleges need money to run, well, the college and the higher-up-the-totem-pole a frat or sorority is, the more money it's occupants tend to spend even if they can't strictly afford it. For instance, Blair, a middle class girl in a house full of upper class girls, said that the careless spending of her pledge mates "'boggles her mind... how much people spend on clothes or jewelry or things... on dad's credit card and just swipe it and you'll be fine'" (Armstrong 125). From personal experience, I know for a fact that some houses require its members to pay up to three grand a semester to stay. That's a ridiculous amount of money for a social club and it's practically shutting out people from lower economic backgrounds. 

But there are other types of Greek life too. Other Greeks, especially smaller, newer chapters, ask anywhere from around 800 to 250 as a one time fee, a huge drop from the long bill that racks up from being part of an older fraternity. These tend to be specialized houses, such as those targeted for a specific ethnicity, religion, profession, or hobby. They are targeting a type of student not based on financial situation but on social terms. If they added financial restrictions as well, such as expensive dues, then they would have a harder time finding members.