By Amanda Breen  For decades now, the competition for spots at prestigious U.S. colleges has been fierce, and the odds are not in most applicants’ favor: In 2014, The New York Times reported that elite colleges reject up to 95 percent of the applications they receive. And according to recent reporting by AP News, the percentage of admitted students has continued to plummet, reaching staggering new lows last year due to the pandemic as many schools adopted test-optional policies and some students deferred their 2020 acceptances. Despite the disheartening statistics, droves of American teenagers spend years shaping themselves into ideal candidates by padding their resumes with extracurricular activities, taking the most challenging classes, and studying for standardized tests like the SAT and ACT. Moreover, those with the financial means and know-how often hire application consultants, whose fees can start at $950 an hour, per CNBC. And the 2019 college-admissions bribery scandal …