However, Reed student demographics (52% paying list price of $65-68k, 17% Pell grant, 59% white) may seem to be quite “preppy” in comparison to the environment a financial-aid-seeking student from California likely grew up in.
https://nces.ed.gov/collegenavigator/?id=209922
Note that many of the Ivy League schools have similar SES demographics, but a smaller percentage of white students.