Agreed. This requirement is just plain dumb, and bitterly disappointing given how much I've praised Dropbox and their product in the past. I won't be doing that anymore.

I didn't go to a "top-tier" institution, for reasons I'd rather not discuss here. I have worked with a few graduates of these kind of schools, and I can say that their coding and problem-solving abilities were not any greater than my own and others who didn't have such prestigious names on their diplomas. In my experience it makes no indication whatsoever. In fact, I generally ignore the specific undergraduate school when I look at a resume.

This is simply a statement of extreme and irrational elitism, and it stinks.