Benefits of a Legacy...

I can only speak to ND but yes, you are still considered a legacy. If your parents are large contributors, you will get some bump for that, but for that to really be material, your parents (or grandparents) will have to be pretty substantial donors. Again, only speaking to ND. BTW, I agree with what @stemmmm said. Children of alumni often begin to think about following in their parents’ footsteps from a very early age and are aware of what it takes to be admitted, so a great percentage probably wouldn’t need the legacy bump, all else being equal.