66% of Michigan students come from the top 20%. How can we make college accessible?

According to a report from the New York Times, some colleges have more students from the top 1 percent than the bottom 60.

This is especially common at elite universities, including 5 Ivy League schools (Dartmouth, Princeton, Yale, Penn and Brown) where more students came from the top 1% of the income scale (made roughly 600K+ a year) than those who came from the entire bottom 60 percent. 

The Times specifically looked into the University of Michigan. According to the study, the median family income of a student from Michigan is $154,000, and 66% of our student body comes from the top 20%. Most shocking to me - nearly 1 in every 10 students on campus comes from the top 1%. Only about 1.5% of students at Michigan came from a poor family but became a rich adult.

According to the article, schools like Michigan perform much worse than other prestigious public schools and ivies in terms of allowing its student body to move up income quintiles post graduate.

There has always been talk about Michigan being a school lacking diversity (in all forms) - but why has Michigan performed so poorly?

I understand that this is a very difficult question to answer - as it has not only issues rooted within the school itself but also socioculturally and in the entire college application system itself. What do you think the factors are, and how do you think UM can make education more attainable?

Do you think that Michigan claims we are more economically diverse (and diverse in general) than we actually are?