It was reported in the media as showing that, controlling for all the right variables, going to an elite college or university as an undergraduate doesn't really matter for your future prospects or income. But Robin Hanson, with money on the line, investigated further. After reading the relevant pieces closely, he reports [what follows is Robin, not me, but with the multiple indentations I haven't indented everything again]:
"In fact his original 1998 working-paper abstract said:
Half Sigma screams from the rooftops:
23 percent is quite a bit of money, it’s almost like getting two college degrees instead of one! They also discovered that there was a benefit to attending a more expensive school. The more expensive tuition resulted in a lifetime internal rate of return of 20% for men and 25% for women."