If you had to construct a higher education system de novo, and you were given only two prerogatives—to transmit generational privilege while projecting an air of meritocracy—it would be hard to improve on the current setup. If the emotional well-being of young people were a priority, however, you might want to start fresh.

Students at high-achieving public and preparatory high schools have suffered a historic escalation of stress and burnout at application age. Guidance counselors see college-going students treating stress as a sort of “cultural currency” among their peers. Public health researchers have identified admissions anxiety as a cause of teenage substance use.