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I love topics where people pretend that the college they go to doesn't matter so that they can feel better about themselves.
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FLVADAD gave a good example where intelligent students can get A-class education and opportunities. Let me reiterate that college is what you make of it. If I was in charge of grad school admissions, I would certainly pick the intelligent student with a high GPA and good research credentials from the honors program at the state school FLVADAD mentioned over a HYPS grad who simply coasted his way through college thinking that the name-plate alone would get them places.
College is what you make of it. Intelligent people with initiative can get a Harvard education from UCLA, U Michigan, or even a lesser State U and on the flip side, HYPSM are plainly able to produce unsuccessful people as well as very succesful people -> Take a look at our current president.