I suppose there is a snobbishness in who decides. In the eye of the beholder perhaps would be fairer.
Is Georgetown an elite school?
The stereotype at Georgetown is that we are all rich, preppy, east coasters who went to the most elite prep high schools. While there are many people who do fit this stereotype, there are also a lot of international students and students from other states.
preppy/ˈprɛpi/
INFORMAL•US
noun
a pupil or graduate of an expensive prep school, or a person resembling such a pupil in dress or appearance.
adjective
of or typical of a pupil or graduate of an expensive prep school, especially with reference to their neat style of dress.