The misguided assumption here is that we live in a meritocratic world, which is simply not the case.

Furthermore, even in a meritocratic world, there are many things an "old money" student will be able to offer that others will not.

    > His great weakness? He’s an Asian applying for financial aid.

Every single Ivy-league school has need-blind admissions; that is, an applicant's need for financial aid has no effect on their admittance (http://www.admissionsconsultants.com/college/ivy_league_fina...).