I think they consider everyone that apply. I am not a MIT/Stanford grad but I was given consideration but passed over because I am not close to SF. After talking a bit with them, and stating I am willing to relocate, I was told I'd be reconsidered in the next auction. They were very patient with me too. I'd certainly give it a try even if you are not MIT/Stanford grad.
Hit refresh on our homepage :)
That acceptance criteria was used for the first auction, but we're opening it up now.
Your FAQ/Learn More page still says "currently open only to employees of Facebook, Apple, Twitter, Zynga, and Google as well as Stanford & MIT graduates"