Research suggests that elite colleges don’t really help rich white guys. But they can have a big effect if you’re not rich, not white, or not a guy.
This year, more than 2 million Americans will apply to college. Most will aim for nearby schools without global brands or billion-dollar endowments. But for the tens of thousands of families applying to America’s most elite institutions, the admissions process is a high-cost, high-stress gantlet.
American parents now spend almost half a billion dollars each year on “independent education consultants,” and that’s not counting the cost of test prep or flights and hotels for campus visits. These collegiate sweepstakes leave a trail of frazzled parents and emotionally wrecked teens already burdened with rising anxiety, which raises a big question: Does it really matter whether you attend an elite college?