According to the Chronicle of Higher Education, of the 75 wealthiest private universities in the United States (those with endowments of $500 million or more), Wake Forest University ranks 74th (second to last) in the proportion of undergraduates who receive Pell Grants. This is a rough measure of the proportion of students who are low income. And the proportion is dropping, from 7.9 percent in 2004-5 to 6.3 percent in 2006-7.