We are wealthy, says a study that concludes low-income students are “hugely under-represented” at elite universities, and many who might succeed simply choose not to apply due to high tuition and a lack of financial aid:

“At U-M, 51 percent of freshmen in 2002 came from homes where the income was $100,000 or more, while that income group represents only about 12 percent of the nation’s population.”
And this:
“As part of the debate in Lansing about budget cuts at the state’s 15 public universities, the Michigan House appropriations committee voted last week to eliminate a proposed $4-million boost in college aid for low-income students. The House is set to vote on a bill this week with cuts to universities ranging from 5.45 to 6.74 percent, depending on the university.“

Both quotes are from the Detroit Free Press article: “Paying for college: Poor students are caught in a crunch“, lest anyone misconstrue the study, the authors conclude “that race-sensitive affirmative action policies should be retained and expanded to include low-income students.” See also:
AP: “High tuition keeps many poor students from applying“
Wall Street Journal: “Affirmative-action case may change policies”

Read the study by the Century Foundation here