"The simplest answer to the question “Do elite colleges matter?” is: It depends on who you are. In the big picture, elite colleges don’t seem to do much extra for rich white guys. But if you’re not rich, not white, or not a guy, the elite-college effect is huge. It increases earnings for minorities and low-income students, and it encourages women to delay marriage and work more, even though it doesn’t raise their per-hour wages."