How Much Does Getting into an Elite College Matter?

What they miss in this article is the signal that graduates of elite colleges send to others. For rich people, it's no longer a matter of money, it's a matter of social standing. Rich people don't want to introduce their kids as the graduates of their local public university. They rather just say that their kids never went to college.

If all rich parents need to do is to spend a few bucks, relative speaking, to get their kids into elite schools then they will do it.

People are surprised by the amount of money rich parents are willing to spend. But in a society where merit is valued over money, it's no surprise that people are willing to buy some merit.

Social standing is priceless to many people.