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Elite schools say they’re looking for academic excellence and diversity. But their thirst for tuition revenue means that wealth trumps all.

This is objectively wrong. The top-of-the-charts schools almost universally offer need-blind admission and great financial aid. A number of my acquaintances (middle and lower-middle class economically) graduated from Harvard, Princeton, or Yale without any loans and without paying more than $5000.

On the other hand, being rich means you can provide better K12 education to your children, which makes it easier for them to get accepted in elite universities.

Elite schools don't need tuition revenue, they get enough from donors they could give everyone free tuition no problem. It's about prestige.

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