The University of Impossible-to-Get-Into

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"Miller told us about a research paper by Stacy Berg Dale and Alan Krueger, called “Estimating the Payoff to Attending a More Selective College.”

MILLER: This is a paper that was published in 2002. Basically, it tries to measure the relationship between attending a more selective college and later life earnings. They tried to find a way to get beyond correlations. So, not just comparing people who went to more selective schools and people who went to less selective schools.

Did the student who got into both Penn State and Yale and went to Yale do better than if they’d gone to Penn State instead? MILLER: Their result is that there was on average, no benefits in terms of higher earnings to attending a more elite school or a more selective school than a less selective school.

YOu don't necessarily get a better education at an Elite school.
"For example, it could very well be that some economics instructors at a place like City College or Rutgers are better than some economics instructors at Princeton. And this could be in part because the people at Princeton are selected on their research output, and they may have less energy devoted to their teaching."