I think this argument went a bit too far. An average, or slightly below average, student at MIT (or a few similar institutions) does enjoy some advantages:
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They’re more likely to be surrounded by peers who can challenge and push them to do better
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They’re more likely to be able to interact with distinguished professors who can impart special knowledge and greater insights in certain subjects
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They may be able to do meaningful research starting from their freshman years
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They may be more likely to have made friends or acquaintances of people who may be in position later to help their careers
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They may be able to impress some people later in their careers (often in different professions) with just the names of their colleges
On the other hand, being in the bottom quartile or quintile in any school isn’t fun (and may even be mentally stressful at a couple of these schools).