Students at elite colleges are even richer than experts realized, according to a new study based on millions of anonymous tax filings and tuition records.
At 38 colleges in America, including five in the Ivy League – Dartmouth, Princeton, Yale, Penn and Brown – more students came from the top 1 percent of the income scale than from the entire bottom 60 percent.
Roughly one in four of the richest students attend an elite college – universities that typically cluster toward the top of annual rankings (you can find more on our definition of “elite” at the bottom).
In contrast, less than one-half of 1 percent of children from the bottom fifth of American families attend an elite college; less than half attend any college at all.
Colleges often promote their role in helping poorer students rise in life, and their commitments to affordability. But some elite colleges have focused more on being affordable to low-income families than on expanding access. “Free tuition only helps if you can get in,” said Danny Yagan, an assistant professor of economics at the University of California, Berkeley, and one of the authors of the study.
The study – by Raj Chetty, John Friedman, Emmanuel Saez, Nicholas Turner and Mr. Yagan – provides the most comprehensive look at how well or how poorly colleges have built an economically diverse student body. The researchers tracked about 30 million students born between 1980 and 1991, linking anonymized tax returns to attendance records from nearly every college in the country.