I am actually discouraging my wife and children from pushing my children towards elite colleges and universities on the basis that they are over-priced for what they deliver. I am very unconfident in this one as rich people that I respect continue to just bleed money into their children's educations. SO I am afraid to go independent of them even as I can't figure out a calculation that shows what they are doing makes economic sense.

In terms of return on investment, elite colleges seem to be worthwhile. Read this; more coverage on OB and the places linked from there. It's a bit controversial but my impression was that you'd probably be better off going someplace prestigious. Credit to John_Maxwell_IV for giving me those links, which was most of the reason I'm going to a prestigious college instead of an average one. I'm extremely doubtful about the educational value of education for smart people, but the prestige still seems to make it worth it.

These obviously become a really good deal if you can get financial aid, and many prestigious places do need-blind admissions, i.e. they will give you free money if you can convince them you're smart. Also look at the ROIs of places you're considering. Value of information is enormous here.