Education is not charity. Education is not welfare. The whole point of the admissions process is to find students who have the demonstrated ability to do college-level work. Selective universities are selective for a reason. They want the best students, so they can produce the best graduates, who by their accomplishments will enhance the university's reputation, and thus help it attract the best students, donations, grants, et cetera.
Again, the liberal sees education -- as every other social good -- as a "fixed pie." There is only so much education to go around, the liberal reasons, so fairness requires that the "disadvantaged" should get their share of it. And so, their must be some system to "distribute" education in an equal way among racial, ethnic and economic groups.
This is entirely wrong. Let the market operate. Let colleges seeking ability find students possessing ability. Forget about determining admission based on income, race, sex or anything else like that. If a student lacks the demonstrated ability to succeed at Michigan, Berkeley or Harvard, this is not "unfair," whatever the race or economic class of the applicant. It's just the market.