Columbia seems to be especially bad here.
My close friend got an MFA in film from a fancy art school and the majority of her cohort (who didn't come from money) are working professionally and clearing 50k+
It's probably because they had lower standards (in a good way!) If they're making 50k they're probably working in the industry as staff, while most starry-eyed students who get into Columbia are aiming to become big name directors or writers.