MarketWatch: "Looking at 2017 data, Pew Research Center counted just 46 schools with admission rates under 20%. Only 17 schools had single-digit admission rates. By contrast, 80% of the 1,364 colleges and universities Pew studied admitted half or more of those who applied. And 53% admitted at least two-thirds of their applicants. Kids who don’t get into one of the 46 highly selective schools typically have plenty of other good options. Elite schools don’t produce happier or more successful people. A 2014 study of nearly 30,000 college graduates found no correlation between a college’s admissions rate and future job satisfaction or well-being."
"Earlier studies by the late Alan Krueger of Princeton and Stacy Dale at Mathematica Policy Research found students who were admitted to highly selective colleges but who attended schools elsewhere usually did just as well financially ... Parents mistakenly believe brand-name schools impress employers and lead to more opportunities. Researcher Paul Hill, who analyzed millions of admissions and salary records for student loan lenders, didn’t find that to be true. Consistently, a graduate’s major had a far bigger impact, says Hill, president of Job Search Intelligence in Los Angeles."
"Counselors and parents often encourage seniors to apply to 'reach' schools, colleges where a student’s test scores, class rank, grades or other qualifications are below the school’s average. The idea is that even though the odds are against admission, students might get lucky. Getting into one of these schools may not be a blessing, however. Hill found that students in the bottom 25% of those admitted typically get less generous financial-aid packages and are more likely to drop out or flunk out. At most colleges, he says, scrambling for a place at a school that doesn’t really want your kid can backfire into a higher bill and a discouraged student."