I came across this article, which is over a year old but still telling and relevant on the issue of socioeconomic diversity in colleges.
It gives kudos to Wash U for trying to increase diversity, but speaks about Muhlenberg harshly and alludes to the fact that they don’t like to give out money unless it is to a kid who can raise their academic profile.
Seems like some schools give out aid for egalitarian reasons while others use aid more as a way to benefit the school