Elite schools want people from the power class. A lot of this is explicitly baked into admissions. Over 40% of white students at Harvard are side-door admissions (legacy, donors, children of faculty, etc.). This is especially true for minority admissions. For the most part, Harvard won't admit lower-class African Americans; they'll select from a much smaller pool who have already moved into the power networks. That's…
I would agree that high-value donors definitely access a side-door. I know of one university that had an admissions officer who dealt with children of famous people and big donors. But I think that children of faculty and legacies are not as clear-cut a case. For example, it takes a lot of skill and hard work (and luck) to become a faculty member at Harvard. If you are still there when your kids are college-aged, you…
However, Harvard admissions keeps a special list of ALDC students and admits from that list. It's not that there are no standards, but the standards are much, much lower.