Yeah, one of my friends ended up going to one of those schools and wasn't too happy about it (he wanted to take a discrete math class, for instance, and they questioned his motives because other Math majors didn't take that class).I think, assuming the college student is middle class or lower like me, return on investment is key. One school I got accepted to, NYU for graduate school, is not cheap but they have a great return on investment. They are not Harvard but they do have top 20 law and MBA programs among others which isn't too shabby.
I could have gone to a relatively unknown yet equally expensive school, but it wouldn't make sense. There are lowly ranked, expensive colleges for rich kids who don't want to study too hard. There are a lot of them in California.
But for many of the very rich and rich who send their kids to college, it doesn't matter where they go or if they go. Unless something very catastrophic happens and that rich kid's family puts all their eggs in one source for investment (which is unlikely), their kid will do OK with recession or a boom.
NYU is definitely a good school. It was on my list, but WPI is the perfect fit for me. The culture and the courses work well for someone interested in Computer Science. Also, we only take three courses at a time and have four 7-week terms (so by default, we have 6 classes per semester). I like the set up as it allows us to focus on our courses, learn quickly (I managed to cover all of the basic Calculus classes and Differential Equations during Freshman year), and learn to manage projects with limited time periods.There are the ultra snobs here who may think NYU is some knock-off brand and only a Cornell or Columbia will do for New York. But I say them them, look at the rankings and return on investment. If a person thinks only 8 Ivy schools in the US are worthy, and there are yuppie parents who think that way everywhere, then it's their problem. I could live with the WPI above, NYU, MIT, Cal Tech, or Amhurst even though they are not the 8 Ivies.
I'm from a middle class background. My family paid for my freshman year, but now I use Summer Internships and scholarships to pay for my apartment and school. It's definitely working out for me.