Is there any links/citations associated with this statement? I have heard this cited several times and would like to read this steadily accumulating research myself!
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Despite more and more evidence that graduates of the most selective schools do not earn much more over their lifetimes than their counterparts at other very good but less selective colleges
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I answered my own question by searching a bit more.
For those who are interested, here is one good article I found which addresses the relative merits of elite private colleges:
http://encarta.msn.com/encnet/Departments/elearning/?article=elitecollege
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Although I understand the bitterness towards "elite" colleges, it is difficult to deny that wages are higher for those who go to the most prestigious colleges... the only question is whether those higher wages are the result of the education, or the individual privelege and potential of the student.
Either way, I found it interesting that although it cannot be reasonably determined whether it is worthwhile to spend the money on an ivy league education, the only conclusive result is that going to a mediocre private college was a demonstrable waste of cash!