[cycomachead]

I think it makes sense why people compete on experiences. Can you really differentiate how much you're learning between the top 50 (or even 300) schools? It really depends on personal motivation.

And in terms of non-educational successes, the school name alone often provides the value, and since it's virtually impossible get an exact value, schools compete on other factors.

Combined with the fact students are more and more willing to go further away from home to get a degree, you need to offer something more than education. Going to a good school (and doing the work) will be challenging regardless of where it is, and I think most people realize this at some level -- so you look for the place that will make you happy otherwise. Slogging through finals week anywhere is tough, but it's hell if you also hate the school you're at and wish you were somewhere else.

As far as the "university model" -- it's got problems, definitely. But the value of the top schools has always been the name. Consider that graduates of top schools are so overrepresented in the highest levels of both the public and private sector, it will be hard to break the cycle of top-down everyone buying into the idea of a 4 year degree. It will probably happen at some point, but it seems slow going.

The biggest schools (especially R1-level unis) fare much better in terms of providing funding and aid to students, so they aren't always as cost prohibitive as many for profit schools are (where the vast majority of student loan debt is tied up).