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I do not understand why that is relevant unless your point is that those rich alumni would NOT have funded her scholarship had the university just put their children in the same pile as everyone else instead of giving them a special preference.
I hope this is not ambiguous. If you are given a "perk" that is worth at least $500,000 (apparently that was just for USC so imagine what an Ivy would cost!) then the "donation" should not be tax deductible because charitable donations are not speeding money in return for a very valuable "perk".
How will those elite colleges continue to give out so much financial aid to those deserving low SES families if the lose their mega donors?
If it hurts your non legacy kid to get denied, imagine how a multi generation legacy feels.
There really are not that many low SES students in elite private universities to being with. Only 10-22% of undergraduates there are on Pell grants.
Also, some are the "privileged poor" who managed to get into prep schools on scholarship or top quality public schools, rather than coming from the limited opportunity educational environments that are common in low SES areas.
Rich people don’t get rich in a vacuum, their wealth comes from society.