No, no wiser. At least from reading the comments I can see it's because I don't read Lovecraft, have no idea what Cthulu is (or are. Ok, now I do) and don't have much idea about Ivy League universities because ours are Oxbridge (Ancient), red brick (modern and sniffed at by the Ancients), or 'jumped up polytechnics' (very modern and sniffed at by both Ancient and Modern but at least you can do media studies there and who needs Latin?). That and we don't have trailer parks so I was thinking about the ones that precede new films. Ah well, can't win 'em all!
Well, the cultural bases for this story probably run too deep for any "translation" to bring this story back for you (the pastiche of Lovecraft's prose style is a big part of what I liked about this one) and it seems you've got the gist, but here's my effort:
The Ivy League is the US's equivalent to the "Ancients," though not as ancient. Harvard and Yale are the ancient-est (literally in the case of Harvard, though I think there are other US universites older than Yale though newer than Harvard). They are steeped in tradition and use things like latin mottoes and look like the old European universities they were modeled on. Vassar and Radcliffe were part of the "Seven Sisters"--the women's college equivalent of the Ivy League back in the day. Radcliffe has now been incorporatated in to Harvard and Vassar is no longer a women-only college.
MIT would be the equivalent of a "jumped up polytechnic" and has the distinction of being as or more prestigious than Yale or Harvard, while rejecting many of the pretentions of those schools. There is no latin motto, no graduation with honors. If you say you went to MIT, everyone knows you are smart. If you say you went to Yale or Harvard, everyone knows you are either smart or well-connected. One tradition they do have is their class ring which has a beaver on it--nature's engineer.
The "English" translation of trailer park is, as I understand it, caravan park. They are strongly associated with the lower-class whites. It is the one of the lowest-prestige places you can be in the US (a stark contrast to the Ivy League schools). As has been noted, this story embodies some negative stereotypes of poor rural whites.
Also worth noting is that poor rural whites are associated with various evangelical brands of Christianity (this is a bit dated--evangelical Christianity having spread to wealthier suburban folks). These forms of Christianity largely originate in and are widely popular in the US and reject book education and seminary degrees in favor of strong personal spiritual connection with God. The cultists in this story are an imagining of what that evangelical bent would look like with the worshipers of an ancient unfathomable evil. This retroactively reframes the cultists that appear in actual Lovecraft stories as the equivalent of more sedate mainline protestant denominations whose religious leaders would go and study and who have fancy trappings of belief that Evangelicals would reject.
Edit: Post originally said cultists worship an ancient unfathomable detail. Poetic, but inaccurate.