From the interview with John Toland on Booknotes:

“… when I graduated, as--I had offers from four of these places, and the--our president called me in and says, `Toland,' he said, `I hear you have all these offers. I'd like you to make one for my college. It's a little college called Williams College.' And he says, `You're going to love it because it's a rich man's college and you'll be the poorest boy that ever went there.'“