In identifying whether universities provide opportunities for low-income students, there is a measurement challenge: different institutions face students with different incomes and preparation. We show how a hypothetical university's “relevant pool”–the students from whom it could...

Previous work (Hoxby and Avery 2014) shows that low-income higher achievers tend not to apply to selective colleges despite being extremely likely to be admitted with financial aid so generous that they would pay less than they do to attend the non-selective schools they usually attend. The...