This is a touchy subject.
For removal of ivy league name:
It promotes equality and diversity.
It helps reduce bias towards wealth and ethnicity.
It helps the poor and reduces poverty.
It may potentially improve as a whole society because more people will have a good education.
Colleges will be forced to not only focus on profit.
Against removal of ivy league name:
It is unfair for some hardworking students.
It could be detrimental to society as a whole because education quality may worsen.
Less incentive to work hard in high school.
The poor have an easier time getting into a good college.
Colleges may lose some of their prestige.