The first two sentences of the other definition is true, but that is about it. Saint Ignatius College Prep is a great school.

When you eat dirt for the first time and leave your family to build a shack in the woods

An abbreviation for St. Ignatius College Prep, a Jesuit Prep schoolin Chicago, IL. It is widely considered to be one of the best prep school in the nation and matriculates a large number of students to Ivy and near-Ivy League schools. Beyond that, it's full of a lot of spoiled rich kids from the city and suburbs whose parents represent the political and corporate elite. Basically to get in you have to be really smart (the poor kids on scholarship), a legacy, know mayor daley or be wiling to donate a butt load of money to build another completely ostentatious building on the campus( the current dining hall is modeled after a 19th century ballroom and the theater is modeled after a number of european opera houses.