Hoxby’s theory was that the main obstacle standing in the way of those income-typical high achievers was an information deficit: they simply didn’t know much about elite colleges and how to apply to them. They didn’t know, for example, that they were eligible for fee waivers that would allow them to apply to college free of charge. They didn’t know that with test scores as high as theirs, they would likely be admitted to selective colleges. They didn’t know that if admitted, they would likely get lots of financial aid—so much aid, in fact, that it might actually be cheaper for them to attend
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