The mere acceptance into a topflight school has become an end in itself followed by receiving a diploma that raises status.
【主干】 The mere acceptance has become an end in itself。
【修饰成分】 followed by receiving a diploma //that raises status 作状语修饰 has become;其中, that raises status 为定语从句,修饰 a diploma。
【翻译】仅仅是被一所大学录取,这件事本身就已经成为了一个目标,接下来就会获得一张能提升地位的文凭。