Yes, you found the cost per credit hour that is paid to the university by the supporting financial source. The university makes money from tuition while making additional money from the work completed by students and faculty for the research funding. They double dip.

Teaching and research assistantships will also “waive” tuition fees and provide a poverty level stipend, allowing the university to brag about its charity while utilizing low wage grad students to replace positions formerly held by tenure track professors, who are already increasingly displaced by adjunct professors.