Recently there were dozens of wealthy parents, including a couple of celebrities indicted for bribery to get their children into high priced elite Universities.  George Weigel looks at the state of these Universities and offers an alternative:

The high-priced spread, revisited


"....I said that a first-class liberal arts education at a college or university with a strong Catholic identity would prepare their sons and daughters for anything. Absolutely not, parents insisted. The kid had to get into Harvard, or Stanford, or Duke — or some other academic version of the high-priced spread — lest his or her life be ruined.
When I pointed out that undergraduates at so-called “elite” universities are frequently taught by graduate assistants rather than by senior faculty, the parents were unmoved. When I reminded them that few, if any, members of the philosophy departments at elite schools are convinced that there is something called “the truth,” rather than just “your truth” and “my truth,” they didn’t budge. When I cited the experience of my daughters, who had gone on to premier graduate schools and successful professional careers after attending a small, demanding Catholic liberal arts college, I was met with blank stares.  When I asked why they were willing to spend north of a quarter-million dollars to send their children into a decadent environment in which corruption (chemical, intellectual, sexual, political, or all-of-the-above) was a real and present danger, the mantra continued: the kid must attend an elite school to have any chance in life, because that’s where you begin to “network.”