The Georgetown University Center on Education and the Workforce released new research which shows that increasingly, elite private colleges are only open to the wealthy. Although 69 of the most selective private colleges ran average annual budget surpluses of $139 million over the last four years, they admitted fewer than 20% of Pell Grant recipients. Nearly 90,000 Pell Grant recipients score at or above the median on standardized tests, but do not attend selective colleges.
The report can be obtained at https://cew.georgetown.edu/cew-reports/pell20/.