[DougMerritt]

"Let rich kids party and hook up for 4 years, and then hand them a well-paying career."

It's been done, of course (by their parents in those cases).

[neilv]

It's been cynically suggested that certain prestigious schools are primarily social clubs for the children of the rich and powerful, and that the schools let in some academically excellent students to confer an aura of merit around the ruling class. :)