Maybe removing names and genders from the essays or similar entry requirements. There are ways to reduce bias without resorting to some kind of standardized test which only shows that they can pass a test.
Elite Universities are looking for people of character, that could be anyone from any walk of life. But it is self-serving, they are looking for people who will end up bringing money, recognition, and fame back to the school. They are looking for people who want to go there, who will go far in life and talk about how X university is where it all started.
I get that this is a difficult topic, and I want everyone in the world to be a lifelong learner, reader, and more.
But not everyone is built the same, that doesn't mean they won't go far in life. And I don't think recognizing that difference is racist or discriminatory. Not everyone will become a Harvard grad, the president, CEO of a company, etc. Some people are dealt a shittier hands in life and get less draws from the deck, we should work to fix that, but we shouldn't lump everyone into one basket.
How would you remove the biggest bias of money? People with money will throw it at gaming anything used by college admission process.
I think standardized testing is gaming the system, what you cannot game are transcripts of life long learners who value their education. If you remove all gendered language, names, mentions of race from essays you will hopefully be able to make your group decisions with less bias. The group should be diverse enough on multiple metrics.
Will it be perfect, no. But I think it's a better start than what we currently have.
What does it even mean?
Grades only hint that you gave a fuck about school.
But a math test is a pretty accurate test of someone's mathematical skill.
An essay about life is a much more dubious and lacks a quantitative rubric for comparing candidates.
The essay system favors people who hire admissions consultants to write them, or who study the online guides about what types of essays get into Harvard. They also tend to chase sensational sob stories - the claims within those stories are never verified by admissions officers.
I can't find the study at the moment on google, but I recall some work asking to end essays in admissions packages since it discriminates against Black and Hispanic applicants who do not have the background resources to write appropriate admissions essays.