Elite colleges have made headlines in recent years with financial-aid plans aimed at enrolling more low-income students. Despite those efforts, the proportion of financially needy undergraduates at the nation's wealthiest colleges and universities actually dropped between the 2004-2005 and 2006-2007 academic years, according to a "Chronicle" analysis of federal Pell Grant data. Pell Grants are awarded to students from families with annual incomes of less than $40,000. This article examines this trend and reports the efforts made by colleges to increase admission of low-income students.