I agree that the cost issue has changed, but I wouldn't say that the elite college system wasn't messed up before that.
As the country’s Jewish population ballooned in the early 20th century, the Jewish proportion of Harvard students increased exponentially, too. In 1900, just 7 percent of the Ivy League school’s students were Jewish. By 1922, the figure was 21.5 percent.
Lowell felt that some were of deficient character. And even if they weren’t, he feared they would drive away potential White Anglo-Saxon Protestant students who would go on to be America’s political and economic elite — as well as future donors to schools like Harvard.
https://www.jta.org/2018/10/17/unit...jews-is-it-doing-the-same-thing-to-asians-now
It's not news, of course, that racism was rampant in the past, but it does rather call into question whether Ivies were ever true academic meritocracies. And the Ivy network is nothing to sneeze at.
Um, if you don't have a degree from an Ivy, there are fields in which you will never get your foot in the door. It's not coincidence that the majority of the parents who were charged in this case came from finance.
If you are a very smart person and you work hard, you will be successful by most standards no matter where or it you go to college. But if you measure success by money, Ivy graduates make more, and if you measure success by status, Ivy graduates have more, and if you measure success by attaining rarified positions, Ivy graduates have a better shot at them.
Since that happens even within institutions--and is one reason English faculty are so often accused of subjective grading--I wouldn't consider that necessarily a sign of institutional differences.