Before this gets flagged to oblivion, I have one criticism and two defenses of the article. As a criticism, this article doesn't address the sciences. The availability of research money is a major reason to go to an elite science institution. If you want to do science, the best thing is to do it, and that usually means email a lab and asking to work there. More labs with more money probably means better opportunities…
My brother went to Yale and this does not seem consistent at all. Maybe the author had shitty friends.
However, I did still see these patterns, in others, and in myself.