The assumption is that you can outsource some of the evaluation to the university (it acts as a filter). The chances of getting someone that can solve problems

The assumption is that you can outsource some of the evaluation to the university (it acts as a filter). The chances of getting someone that can solve problems and think is higher if you pick from a pool of university grads than non-university grads. If it's worth the premium you pay is another question (I'd say the answer is yes) If you have some method of generating a higherEV applicant pool then by all means do it and print the money.