This is already done with first-gen college students having advantages in admissions. Income is highly correlated with race, but also confounded by the cost of

This is already done with first-gen college students having advantages in admissions. Income is highly correlated with race, but also confounded by the cost of living (say, cities vs. rural areas). A waiter in San Francisco might make $50k (well above the median US income) but basically be at poverty quality of life while raising a child in the city. Colleges also have access to databases on high school qualities, and so they have an idea of the rigor and depth of high school programs around the world, and thus know if a 3.8 GPA was hard earned or inflated. Basically there is a vast number of factors that adcoms try to control for, but it's not easy. If you read College Confidential forums, you'll see how adcoms are well aware of all of these considerations and have been struggling to integrate them in an equitable and rational way for their entire careers.