I think that's a joke of an argument. The people whose kids would no longer get in would go somewhere and the distribution of their bribery would surely be more democratizing.
Did you not read the part where the ‘aristocracy’ pays way more tuition money for their one child? If you weren’t so focused on class warfare, you’d realize all of that extra money can be used for other things such as scholarships for families who wouldn’t be able to afford a university education for their children. The people you’re referring to wouldn’t be able to afford tuition before the rate hikes, and they sure would be in a worse position post tuition hike
That money could just as easily pay for scholarships at public colleges. Why is it important that they donate to generational private schools instead of public?