I feel like adding here that in some countries outside of the US, the prestigious colleges or universities are public, not private. These public schools have tough written and oral entrance exams, and with a quota of how many freshmen they admit each year. The ones that fail to get in, well, they will have to pay to attend elsewhere. The ones that get into the prestigious schools, well, they get a stipend.
Kids work hard to get into these prestigious schools because of the guaranteed good life that follows. I much prefer the US society, where there are more opportunities, and where even the average person can make a decent living. And if one measures success with a financial yardstick, the best entrepreneurs did not learn much of their skill in school.