I think one place to start might be to look at larger cultural discourses about the American Dream and its connection to Higher Education. Three publications to check:
Reay, D., David, M. E., & Ball, S. J. (2005). Degrees of choice: Class, race, gender and higher education. Trentham Books.
Suspitsyna, T. (2012). Higher education for economic advancement and engaged citizenship: An analysis of the US Department of Education discourse. The Journal of Higher Education, 83(1), 49-72.
Thelin, J. R. (2003). Historical overview of American higher education. Student services: A handbook for the profession, 4, 3-22.