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That's at least somewhat true, from my prep school about an equal number (5 or so out of 90) went to SMU and UT. Some schools like Vandy and Duke have been attracting more and more Northern students as well as uping the notch academically. Like with the Ivies they've become much more selective schools. Even with 'old money' a lot of the time it wouldn't be sufficient to overcome a weak applicant.
Also, many just want to be close to home or go to their parents' college.
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