Why do colleges still give preference to children of alumni?
“Elite colleges have tried to shake the reputation that they are playgrounds for the rich by spending more money on recruiting low-income students and on financial aid, with a few schools promising that students whose families make under a certain income level will graduate debt-free. But even with increased spending on financial aid, at the top universities only 22 percent of students receive Pell grants—which mostly go to students from families making less than $50,000—compared to around 38 percent everywhere else.”