Daunted by soaring costs, as many as a quarter of low-income students with grades and test scores that make them prime college material no longer even apply to college. This is bad news at a time when skilled jobs are moving abroad and a college diploma has become the minimum price of admission to the new economy. The Bush administration, however, could actually make this problem worse by cutting the federal Pell grant program, which was developed to encourage poor and working-class students to pursue higher education.