As college applicants are receiving their admission and rejection letters, Fareed Zakaria says it's time for colleges and universities to rethink their missions - and admissions. The higher education system is the "envy of the world," he writes in Time.  "But there are broad changes taking place at American universities that are moving them away from an emphasis on merit and achievement and toward offering a privileged experience for an already privileged group." The problem is detailed in the new book "Paying for the Party: How College Maintains Inequality," and in conversations with higher education officials, Zakaria says, and it's hurting state universities around the country.