Here's a direct link to the figure we recently looked at regarding where variances are located in full structural models, as well as how degrees of freedom are determined in a full structural model.
The model also makes salient the issue of outliers, in particular that Harvard's endowment (and to a lesser extent those of a few other institutions) are so much larger than most others. Harvard and these other elite universities have endowments in the billions, whereas many other schools have endowments well under 1 billion. This document discusses approaches to handling outliers; in the past we've used winsorizing, but this year, we'll use a square-root transformation (already implemented in the data set).
There is some evidence that the depressed economy may be "winsorizing" Harvard's endowment, but this didn't occur early enough to be reflected in the data set.
UPDATE (2014): Here's an illustration of the terminology you should use, regarding measurement and structural portions of the model, and factor loadings vs. structural paths. (Thanks to Satabdi for the photo.)
