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Yep, there are a bunch of different ways you can look at it. Much of it you cannot just look at the data objectively because there is a lot of variance in the populations that get admission to each college/university. With the ivy league and many prestigious private universities, it is not so much your grades and resume that matter getting in, but who you are, and who you know. Those factors do not cease to have an influence on your life outside education. For example, a connected Yale student may have average grades at Yale, but the same social connections that helped with admission to Yale also will help in career advancement in many areas of life completely independent of the Yale education.
It is as much of a factor of who chooses to go to certain universities as a demographic as what the universities actually do for those who choose to go there, because there are many other factors than education involved in long term career prospects.
Sure, some people get into prestigious schools because they know somebody, but 97% of them are just good students (great grades, highly motivated, leadership, etc.). Otherwise the model isn't sustainable. While other factors (ethnicity, gender, etc) are factored in to give some diversity, people accepted to the best schools in the country are generally the very best students in their own demographic group.
Back to A&M, the Blinn Team/JUCO/Texas-A&M Chevron engineering academy (*shudder*) routes need to stop. We are diluting the talent pool and from personal experience most of these guys struggle mightily at A&M and aren't the future innovators or leaders that A&M needs. And yes, classes are getting easier because people can't seem to handle them. I'd say a solid half of my engineering classes turned into a joke because of b****ing from the lower tier students in the class.