If you grew up in Highland Park, you will almost certainly be absolutely fine in life even if you attend a mediocre local school like UT-Arlington or North Texas.
Going to an Ivy League school isn't really worth the expense/effort from the standpoint of significantly improving your relative socioeconomic status if you're already in the upper socioeconomic strata.
The threshold for kids being able to just "whatever" their way through life and maintain high social status is a lot higher than this. That works if your parents are tech founders, it doesn't work if they are just VP of XYZ making $200K at age 55. You don't have to go to an Ivy, but you still have to be academically successful.
