Back in the last century, when the College Board was beginning to offer the Student Search program that sells lists of student names with certain score ranges to colleges and universities, my undergrad college conducted an experiment with that service, and admitted one class (mine) based on academic merit with almost no regard to financial need. Half of us came through Student Search, and had never heard of the place before we got the “please consider us” letter. The other half of the class came from more traditional feeder pathways. We were told at the time that our class tied up 40% of the entire aid budget for each year we were there. While it was a wonderful academic experience for those of us who had never heard of the place before, or who would have thought it was completely out of the range of possibilities for ourselves, we also were aware that we weren’t like any of the classes before or (because of the whole tying up so much aid thing) after us.
We were not precipitated into a higher socio-economic class simply because of our four years at that higher SES institution. I don’t think anyone there had any understanding of the barriers between SES categories. I think they all simply believed that if we could handle the academics, the rest would fall into place. It didn’t. Those of us who were on scholarship went on to lead lives very much equivalent to those we would have led had we never been invited to apply and had we instead graduated from our home-state public Us or a lower-tier LAC. We just have a much fancier name on our undergrad diplomas, the full confidence that we are as smart as (if not smarter than) the HYPSM graduates of our generation, and regular invitations to alum events that have nothing to do with athletics.
I have heard rumors that my old college is now somewhat better at coping with students like myself and my friends, and that it has made concerted efforts to aid the transition of students who come from even lower SES (in particular with the formal affiliation with the POSSE program). How much of this has to do with the enormous strides in career advising since my day and now, and how much has to do with whatever was learned from my class’s experience is something that I don’t know.