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Colleges like Harvard care next to nothing about admission because, if you look at the statistics, most kids have their tuition paid off because of the enormous alumni contributions they receive.
The reason they get so much? Because the people they accept are intelligent generally, and do well in the real world, so they have the opportunity to give back.
It is more important to them that they have smart people there to maintain their credibility than dumbasses who flunk in a week.