@Cardinal Fang, In answer to your question about grade-point averages, yes, the Greek organizations have access to the prospective members’ high school grades, which is supplied during the application process, either through a release or a transcript copy. At Ole Miss, girls are warned on the front end that there is a high likelihood they will not receive a bid from any house if their high school g.p.a. is under a 3.0. A girl with good connections might beat the odds.
I am stunned by the people who suggest various “lottery” systems for membership recruitment that by their very nature would destroy the Greek system. While there is some stratification by SES in the Greek system, there is also segmentation by geography and general interests. Different houses tend to appeal to different people with different values, attitudes, beliefs, behaviors, tastes, and preferences. A forced lottery system would certainly make each individual house more “diverse,” but would in effect destroy any real diversity by forcing a sameness on each Greek house.
As for the OP’s question, there are a lot of just, plain middle class kids in the Greek system. There aren’t many poor ones simply because of the financial obligations. Does personal or family wealth matter? Of course it does! A rich member is more likely to be able to pay bills and so forth. A friend of mine fondly remembers the annual football trips he and half-a-dozen other members took when one father sent his private jet for the group. All other things being equal, I’d rather give a bid to a guy who might take me somewhere on his family’s jet than a guy who didn’t have a jet.
But let’s not overplay the importance of wealth. It’s one factor among many, and not the most important factor by a long shot. Far more important is whether you like the person and think you would enjoy their company. Academic potential, personality, geography, appearance and physical fitness, leadership potential, collegiality, and a host of other things are considered when deciding to extend a bid. If in doubt, sure personal wealth could sway the decision. So could grades, appearance, and so forth.
The system works well as it is and should not be changed. But there is no reason why students wishing to participate in a lottery-type system can’t just create one instead of trying to destroy the current system.