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Besides being a time-honored tradition, as Cynthetiq pointed out, legacy is one of the major ways that colleges and universities can stay in business. After all, that's what they are: businesses. It's not very good for business to tick off a major contributor by rejecting their kid. Is it fair? Of course not. I used to be really bitter about this subject, but then you can't really go around in life expecting institutions to be inherently fair. If they were, then there never would have been sweatshops, slaves or whatever grave injustice you happen to prefer.
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"I've missed more than 9000 shots in my career. I've lost almost 300 games. Twenty-six times I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed."
(Michael Jordan)
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