Two crucial points here in this very informative blog post at NYTimes, one not surprising at all (correlation of standardized test scores and family income) but the other one more surprising and very depressing: low-income students with high test scores are NOT completing college at staggeringly high rates. The disparity in college completion rates is enormous!

There is a substantial body of evidence that the system is failing to reward students with high test scores who come from low-income families. In a 2005 report, the College Board found that among those scoring highest in math tests in 1992, just under three-quarters of students from families in the highest quartile went on to get bachelor’s degrees by the year 2000. Among those from families in the bottom quartile, less than half that number, 29 percent, went on to get degrees.

The children of the rich increasingly do better in school, relative to the children of the poor — that is, they score higher on standardized tests and they graduate from college at much higher rates. This has always been true, but is much more true now than 40 years ago,” Reardon told The Times in an email.
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