Here’s the stat that, for me, most dramatically highlights the huge influence of high SES on the ability to mold a knock-your-socks-off college applicant. Consider this collection of facts, all from the Princeton University website: Princeton has need-blind admissions – everyone is admitted on the basis of pure “merit”; Princeton provides need-based aid to 60% of its students; Princeton gives some aid to 100% of families with incomes up to $180K.
Ergo, fully 40% of the students that Princeton decides, in its entirely need-blind process, are worthy of admission to their esteemed institution come from families making >$180K/year, i.e, the top 8% of the family income distribution. And I’ll bet that’s typical for their peer institutions. Let that sink in for a minute.
This doesn’t point the finger at EC’s or test scores or academics in particular, but I have little doubt that lots of money is enormously helpful in facilitating outstanding levels of achievement in all of those arenas.