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> now trust fund kids with rich friends can continually skip the line and buy the jobs that others are applying for.

I would say this is an accurate description of the current system. What do we always hear, that going to an Ivy League is all about the connections, not the education?

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That may be true for management-type positions, but at least in my experience, engineering is somewhat more merit-based. As long as you're good at interviewing you can get a job regardless of who you know. Obviously, having connections still helps, but natural career connections don't require a literal buy-in.

Also, at least Ivy League schools have financial aid programs to help gifted kids from disadvantaged backgrounds still be able to attend.

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