Most Ivy League schools have >90% graduation rates (mostly achieved by flexible individualized standards, I think).
So let’s have all the people 0bama wants go to Harvard and Yale!
It's already happening. We recently attended a recruiting evening sponsored by 5 elite colleges, including Harvard. Our 17 year old son was invited, and we went with him. I was disappointed to see how hard they were pushing their diversity statistics, and all but throwing money at those in "financial need". The audience was heavily minority, and from the conversations I overheard, they didn't strike me as elite students. Expensive elite schools are falling all over themselves to recruit the more accomplished minority applicants, and paving their way with financial aid in the form of grants. Middle class white boys who take hard classes and work hard are not, shall we say, their target market. My husband remarked afterward that they might be disappointed when the entitlement crowd doesn't help replenish the endowment coffers a few years hence.
Reparations take many forms. In the college game, we have the cost of education bid up ridiculously high, but only for those who are deemed "able" to pay for it. The rest get to coast on the contributions of taxpayers and alumni - until the money and goodwill run out.