The authors thank Deirdre Bloome, Raj Chetty, David Deming, John Friedman, Jennifer Hochschild, Jesse Rothstein, Daniel Schneider, Maya Sen, David Weil, and the participants in the Stone Inequality Proseminar for helpful discussions. The authors also thank the admissions team at the participating institution for guidance and data access. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.