This paper argues that there is reason to reconsider college admissions policies on three levels because: (1) some admissions measures exhibit racial or economic/social status bias, (2) there is evidence that financial barriers exist, and (3) a belief exists that race-blind admissions policies which include adjustments that offset students' social and economic circumstances can yield a more racially diverse student body than those mandated by legislation or judicial action. The first section of the paper examines key judicial and legislative actions to illustrate the evolution of racial preferences in the admissions process. In the next section, the paper reviews the results of research using criterion-related or predictive measures of validity and also looks at selection-bias research. In the next section, characteristics of students in public higher education in Missouri are examined for evidence of economic barriers to access. Finally, a series of race-blind admissions models designed to offset social and economic barriers were applied to Missouri's student population in an attempt to produce a diverse student body at colleges within the state. Sixteen data tables and three figures are appended. (Contains 24 references.) (CH)