Stronger peer group that is more competitive, motivated, intelligent, and often from “important” backgrounds. This means that:
There is a stronger educational environment where more people care about learning and will always provide you with a challenge.
More like-minded peers who are intelligent and motivated to befriend
You can make connections that will help you later on as other top school graduates are likely to become very successful
Curriculum is more rigorous as it is designed to serve the motivated and intelligent student, not the average student.
Advantage in the job market. You will have a higher starting salary as well as a higher rate of pay raises and promotions.
Stronger credentials for graduate school placement. An undergraduate degree from Harvard looks more impressive than the same degree from most other schools.
Good “need-based” financial aid. As a general rule, the higher up the rankings ladder you go, the more the colleges will completely cover your demonstrated financial need. If you and your family would have difficulty affording their school, that school will cover your costs with financial aid. These scholarships do not depend on academic or athletic merit.
Top-notch faculty. Top schools attract and produce the professors that are the most successful, publishing the most papers and winning the most awards.
Top schools generally have smaller student to teacher ratios than large state schools, so you will have more individualized attention.
Best facilities. Elite universities have giant endowments that allow them to afford the best facilities for their schools.