I remember sitting in a dorm at Brown listening to people complain about why rich kids seemed to get into Ivy League schools regardless of their intelligence, scores or any other metric with which we were familiar judged; the complaint centered around heritage admissions and famous people’s kids. One of my friends reminded the group that it was clearly a valuable element and should be promoted not critiqued.
If you look at many well-known American universities, the primary value for undergraduates concerns the social network. Frankly, internationally renowned researchers can’t teach. But you don’t pay $30K a year to get the best *formal* education. You pay $30K a year to get tapped into a collection of like-minded driven people who will be a key aspect of your social network for life. The late-night dorm session conversations are so much more informative than the lecture halls. But the connections you make from shared alumni extend widely.
If you assume that the social network is the most valuable asset, it is clearly important to have as diverse a population as possible. You want to introduce the poor brilliant students to the rich ones because they will have a better chance. One of the most obvious impacts of higher education is that you jump socio-economic class. While i didn’t grow up as such, i recognize that i’m now a part of the privileged class. It is not due to my income (which is non-existent), but due to my potential and connections. Those connections are intimately tied into the network that i built as an undergraduate. Basically, college brings together people from diverse backgrounds and with unique access to knowledge or connections. This is then utilized to help groups of students branch out. College is the ideal time to meet new people who can/will introduce you to a wide variety of things.
Thus, from an admissions perspective, it is desirable to bring in rich kids who will not only help offset the costs for poor kids, but help introduce them to a network of possibility. This is why Harvard and Princeton’s decision to give all grants to the poorest students is a great idea. One of the biggest class dividers on a campus like that is who works in food service and who doesn’t because they don’t need to. By letting the groups mingle and not trying to reinforce class in these environments, there’s a great potential for connecting diverse people.
[I’d love to hear a critique of this perspective.]

