It surely should, but to what extent no one knows.
At many schools being a legacy can be a big advantage. This is especially true if the family has remained an active member of the alumni community and the student applies early.
Most schools do admit to slightly favoring legacies, and it is definitely a quality worth exploiting if you can, but schools won’t turn down a very strong, non-legacy candidate in favor of a mediocre applicant who is a legacy. If anything, a legacy status could simply serve as the tie-breaking factor between two equally good applicants.
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