The engine that used to drive the American Dream is in danger of grinding to a halt. Nine out of 10 children born in 1940 went on to earn more than their parents, according to research published last week . But just half of children born in 1980, who are now in their mid-30s, can say the same today.

“The idea that you’re going to do better than your parents defines the American Dream,” says Howard Wolfson, a former political strategist who now oversees education initiatives for Bloomberg Philanthropies, the charitable organization founded by billionaire Mike Bloomberg. “For a lot of people, that’s not happening.”

Higher education, which once greased the wheels of America’s powerful economic engine, has lately been exacerbating the problem. Just one in four students at U.S. colleges and universities comes from a family on the bottom half of the income ladder. Yet data shows that the wage premium for higher education continues to rise; Americans with a four-year degree out-earn their peers by 98%, up from 64% in the 1980s. And while the post-recession job market has become more grueling for college graduates, the unemployment rate for civilians with a bachelor’s degree has been steadily falling since 2010, landing at 2.3% in November. In short, college is still a solid bet despite the cost.

Students from low- and moderate-income families are missing out on that opportunity, in many cases because they are overwhelmed or uninformed when it comes to the byzantine processes governing admissions and financial aid. But a coalition of colleges and universities wants to solve those challenges—and enroll an additional 50,000 high-achieving, lower-income students by 2025.

“Colleges and universities need to appreciate that they’re playing a critical social mission,” says Wolfson, whose team at Bloomberg will be convening the schools and funding research on their efforts. “They need to ensure that they provide a gateway for qualified kids regardless of background.”

So far, 30 top schools, based on their high graduation rates, have joined what Bloomberg Philanthropies has dubbed the American Talent Initiative. The list includes prominent Ivies like Harvard and Yale, large public universities like the University of California, Los Angeles and the University of Maryland, College Park, and private liberal arts colleges like Davidson and Williams.

Catharine Hill, an economist who served as president of Vassar College for the past decade before taking on a new role as managing director of nonprofit research firm Ithaka S+R, will oversee research on best practices developed by the participating institutions in partnership with the Aspen Institute. “You’ve got to get the students into your applicant pool, you’ve got to admit them, you’ve got to give them enough financial aid, and you’ve got to figure out how to support them,” Hill says. Simple in theory, but difficult in execution.