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Another implication is that, if you are reviewing candidates for hiring, the signal of an expensive private college may indicate as much about the applicant's parents as it does about the applicant, and also signals about the applicant based on college name are mostly about the applicant's high school strength (which also has dependency on parents more than later achievement).
This is simply not true @ucbalumnus. Top tier private schools are more likely to offer FA to students. I would not jump to any conclusion about applicant's parents because it is a private school.
I have no clue what you are saying about applicant's high school strength. After 4 years of college, an applicant's high school experience is irrelevant. How a student got into college is also irrelevant.