03/30/2017
There is a prevalent myth that exists in college admissions. (Well, there are a bunch of them, but I'm only focusing on one right now.) The myth is that a person's financial success hinges upon which college they are accepted to, and ultimately which college they choose to attend. As result, people (students, and sometimes their parents) get very caught up worrying over the issue.
Detailed analysis suggests that this isn't true. I've linked here an overview of a study, conducted by Stacy Dale, an economist, and Alan Krueger, a Princeton based economist, that examines over 20 years of data at schools including Princeton, Columbia, Duke, Penn, Northwestern, and more. This study, as has others, found that 'elite' colleges do not actually seem to give most graduates an earnings boost. For example, "a student with a 1400 SAT score who went to Penn State but applied to Penn earned as much, on average, as a student with a 1400 who went to Penn."
https://economix.blogs.nytimes.com/2011/02/21/revisiting-the-value-of-elite-colleges/
A large new study looks at whether elite colleges give their graduates an earnings advantage — and finds that, for most students, the answer is no.