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I've dealt with quite few smaller schools where I think the networking aspect is just as important.
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This is how it works in the Ivy League, too. The eating clubs at Princeton, final clubs at Harvard, secret societies at Yale and Penn...people went to camp and prep school and Head of the Charles together their whole lives. Their dads brought them to football games and reunions and they met their dads' friends and their dads' friends' kids. Sure, some unknown people impress the members as freshmen and get invited to join, but a lot of club spots are effectively spoken for before anyone gets to college.
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