Be the big fish in the small pond.

I read about this feature, detailing what netizens in South Korea feel like about the college experience - basically, that it's better to be the dragon's tail, i.e. last among elites, than to be the head of a snake (first among inferiors).

I would say, basing from what I've read and from my own personal experience, that this is not so. Being last in an elite school means that after graduation the recruiters will just pick everyone else who ranked above you. You get to participate in a stressful rat race for position instead of getting the room to experiment and grow. 

And in the end all you would have achieved is a fancy piece of paper. Big deal, everyone has that piece of paper.

Being the head of a snake is fine, so long as you plan to turn into a dragon; but remaining a snake is fine too - because you'll end up happier in the long run.

Basically, think of college not as selection, but as training. I've been further informed about this with Robert Greene's "Mastery" book, it explains things a lot better.