I hope this deeply damages the idea that going to a "fancy" school makes you smarter.
I attended a "fancy-pants" school (Columbia University, in New York). My parents were working-class immigrants, so I got in on merit, not money. I don't know anyone who thought going to an Ivy League school would make you smarter. There were people like me who got in on brains, and others who got in on money, and we all knew who was who. What that kind of school gave all of us was opportunity. It just was a different opportunity for the two groups. For the rich kids, it let them make friends with other rich kids, and their families, so they could network later in life. For the smart kids it let them move up to a better career than their parents had. I became an engineer, but others became doctors, lawyers, scientists, etc. Also, a degree from a good school gave you a better chance to start your career with a good job right away, rather than having to work your way up from the mail room.
How much any of us got out of school depended on how much work we put in. There were fraternities where they partied all the time, and there were others (like me) who spent all our spare time in the library. One advantage the rich kids had was not having to work like I did, to help cover tuition. That left them more time to either study or party.
One thing I learned much later in life is schools like Columbia have self-serving reasons for letting in the smart kids. First, it enhances the school's reputation. Second, the ones who do well in life often donate to the school later. Third, some of the parents of rich kids hope exposure to brains will rub off on their progeny. So they are willing to pay full tuition and even donate to the school to get them in.