People are always going to use their money to buy status. So as long as these college offer prestige & status, people with money are going to use it to get in. Much like doping in sports, you have two paths you can take: try to combat cheating, or accept the cheating as part of the game. I think these universities should accept that they are providing an education, but they are selling prestige, and split their admis…
It is tricky to maintain the 'prestige' associated with an institution doing this, so I don't really agree with making it too public. But, after all, it was kinda an open secret that this happens and the prestige was maintained away, so if it kept happening with a bit more legitimacy it probably wouldn't change much. Prestige doesn't just mean academic credentials: for some people, if they see Berkeley on a resumé they probably want it to be because that applicant is super-rich and well-connected!
My ideal reform would be a simultaneous enactment of several things:
* allow people to pay millions to go to college; allow this to fund student aid for other students. Explicitly stop using it to build buildings
* stop having all of these overfunded and weirdly inappropriate sports institutions as a core part of academia.
* stop with massively-inflated grades that allow the rich-but-undercapable kids to graduate with the appearance of successful academics. They can buy their way in but they have to do as well as everybody else after that.
* ensure that the influx of money from rich kids' applications doesn't go to administrators in any way, as that would incentivize them to over-prioritize these people.
This reframes things so that the point of strong applications isn't to _get in_, it's to get the scholarships required to get in for free instead of paying the absurd tuition. Meanwhile the school has to keep admitting remarkable kids in order to maintain its brand as prestigious. All of this is already how it works, but making it explicit ought to align incentivizes in a way that makes the whole thing less disturbingly bizarre.