The letter is bogus, I confirmed and elders have not received any such letter.
While higher education is discouraged, however, if an elder or anyone in his family pursues higher education, this doesn't automatically lead to his deletion. His qualifications are "reviewed", as in, it is seen if he is still fulfilling all his other jobs as an elder and is allowed to stay if his education is not coming in between his responsibilities.
In my congregation, all the elders are raised in the truth, are university graduates, and are well-off financially. Even the smarter ones who did not pursue higher education are doing well in their businesses as making a good income is not completely dependent on being college graduated.