My interpretation of this essay is that one's success won't be predicated on which school you go to, and that is the point that I am disagreeing with. Did I misinterpret the point of the essay?
I.e. the benefit of going to an elite college is that you get almost for free something you have to work at otherwise: knowing lots of smart people.
Earlier, in "Colleges are a bit like exclusive clubs" I think pg intended "a bit" to communicate that what he's saying about exclusive clubs is less true for colleges. Humans read differently from computers, and those two tiny words are easily lost. "So it is with colleges" dominates.
In general, I find myself a poor judge of what will or won't be clear to other people in a given essay; I read differently from most. I discover what did and didn't work in your essays from reading comments. I have a hard time extracting general communication principles from each essay's success or failure, because audiences differ. Still, I hope to learn something; writing is important.
At the "elite" colleges, there is a greater percentage of smart students, which lends itself to more productive discussions and more difficult tests that force you to challenge yourself. Also, it is like the difference between the regular classes in high school and advanced classes -- in the advanced classes you cover the same material, but with greater breadth and a deeper understanding.
And the number 1 biggest advantage of going to an elite college is that you have a much better chance of meeting the world's future movers and shakers -- the people that will be the educational and business leaders of the next generation. That alone is a good reason to go to an elite college.
So I have to disagree, and say that there are indeed advantages to going to an elite college, just not the advantages that most people think.