The fiscal climate for institutions of higher education has changed dramatically in recent decades. Public and private colleges and universities have felt the squeeze of the economic downturn while many public institutions have experienced regular and significant declines in state appropriations. At the same time, families are being asked to pay more for their students' education. In this climate many colleges and universities, particularly state institutions, have begun to shift from a low-tuition, low-aid model to a high-tuition, high-aid model. This shift means that colleges and universities are awarding more and more aid based on merit rather than need. There is growing concern amongst educational leaders that these developments are making it more and more difficult for needy students to afford a college education. What impact do these developments have on the ideals of access and equity upheld by many educators and academic leaders in higher education? Will these rising pressures limit efforts to effectively serve the traditionally underserved? This article explores these issues and provides a critique based on the theoretical work of Pierre Bourdieu. It concludes with a series of implications for institutional leaders and enrollment managers interested in pursuing goals of social justice and access in an increasingly fiscally-tight environment.