Well. colleges don't just choose based on your SAT scores and GPA, at least the ones that care about getting a good blend of students. One thing that a 'legacy' student can bring is knowledge and respect of the traditions of the school.
One of my high school compatriots had two parents who both went to the same Ivy school, and had been huge school boosters, doing things like alumni interviews for prospective students. She was rejected on early admission, not even deferred. They don't help the school out anymore.
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