Thomas Sowell argues here that it isn’t worth it. The quality of the education isn’t necessarily any better at any of our higher ed Rolls Royces and may even be worse. There is no reason for students and parents to drive themselves crazy over the quest for admission to any of America’s elite colleges and universities.
Furthermore, there is very little correlation between having a degree from a prestige school and one’s lifetime earnings. Having a prestige degree might help in landing your first job, but in the long run the only thing that counts is performance. Where you took your courses doesn’t have any bearing on that.
