Yes. In the case of fraternities, the stereotype exists for a reason: they overwhelmingly attract people who were either jocks in high school, or wanted to be cool like the jocks.

In my university, the Greek system as a whole (with the exception of two frats) was loud, obnoxious and cliquish. In addition, the vast majority of them majored in easy topics where they could get good grades with minimum effort. In fact, most house parties were thrown on Thursday nights because a ton of Greeks were business majors and the business school didn't have classes on Fridays. Or maybe it's the other way around...

What happens to those types of people? I think we all know: most of them end up under-employed (Starbucks, etc.) or they become "full-time students" by pursuing MBAs, law degrees, and so on. And of course, the ones with connections end up as pointy-haired bosses, much to our disappointment.