Interesting... I found the opposite. I went to Oxford University (as elite as it gets), with a head big as a balloon, and clearly thinking myself better than everyone. Four years in the presence of people whose intellect crushed me like an insignificant cockroach taught me humility. Since I still needed to believe that I wasn't... you know... just plainly inferior, that forced me to re-rationalise what it means to be "better", and to come to the conclusion that intellectual prowess has nothing to do with being a better person.
It forgot that the true purpose of education is to make minds, not careers.
I also disagree with this, to an extent. My time in Oxford made me a more rounded person, intellectually, inter-personally, and emotionally. And I think that was the right result - that's certainly what my parents hoped when I went in. I think the purpose of education is to make people - not just minds or careers. A person is a combination of many different things, including mind, network of connections, desires, abilities, and a myriad other things.
Mind you, Oxford might just be different from Yale... perhaps Yale should take a leaf ;-)