One part of the admissions process that confuses many students and their families is dealing with financial aid. Some students are concerned that their application will be penalized if it appears that they are seeking financial aid. If this is a worry, they should review whether their target schools practice 'need blind' admissions in one form or another. In addition, there are other students who are challenged by the affordability of college and who actually want financial aid. Both sets of students will find this article useful.
Some schools practice 'need blind' admissions. They ensure that the admissions office and the financial aid office do not share information. Even if information regarding your family's finances can be gleaned from your application, such information is not considered when your application is under review.
Not many schools, however, have a truly 'need blind' admissions policy. It takes a lot of money to perform the second part of the need-blind requirement: should they accept you, they're guaranteeing that they'll pull together a financial aid package that will allow you to attend their school. The forty-one schools that do fulfill this requirement are listed in Wikipedia: http://en.wikipedia.org/wiki/Need-blind_admission , and include Harvard, Stanford, Cal Tech, Claremont McKenna, and Northwestern. Eight of these 41 schools are 'need-blind' for international applicants as well.
Some schools are 'need sensitive.' Most applicants are evaluated on a 'need blind' basis. Only their borderline applicants-those off the waiting list, or who appear to be less competitive within the applicant pool, are considered in light of their financial resources. Such schools as Smith College or Hamilton College (upstate New York) are 'need sensitive.'
Other schools practice 'need blind' admissions, but cannot guarantee they'll meet a 100% of a student's financial needs. A recent report from the National Association for College Admission Counseling, found that 93% of public institutions and 81% of private institutions claim "they are entirely need-blind." ("Need Blind, but Gapping", Inside Higher Ed.com by Scott Jaschik 26 November 2008). When asked if this meant that they'd meet the full financial needs of those admitted, their numbers dropped to 32% of public, and 18% of private schools. Confused? Join the club; that's the natural state when attempting to decrypt the machinations of the world of financial aid and admissions. Such schools as Tufts have attempted to become 'need-blind' over the last years, but haven't successfully raised the funds required to become a full practitioner.
If you elect to apply for financial aid, the first step is to submit a FAFSA form to the admissions offices of your schools (which you should do as early in January as possible-so if you haven't done this, and you're angling for admission this fall, go to the following site to get the information and file as soon as possible, http://studentaid.ed.gov/students/attachments/siteresources/FundingEduBeyondHighSchool_0809.pdf ), and if it's a private school, you might need to also submit a CSS Profile form. Once received, the admissions office will make the calculations and determine your EFC (effective family contribution), and then determine what type of aid will be offered to you. There are three types of aid available: grants (the more of these you get the better, as you don't have to pay them back), loans (the less of these, the better), and work study (payment for working part time on campus).
Should you gain acceptance to a school, but the school cannot pull together a financial package that addresses 100% of your financial needs, then you've been 'gapped'. You'll have to address the difference between your needs and the offered financial package by acquiring more loans (not necessarily an easy or pleasant task in these financially challenging times), negotiating with the admissions office for a better financial aid package, or selecting a different school.
The key to gaining an upper hand on the financial aid process is to make sure you select schools that are a good fit. If, in your application, it is apparent to the admissions office you are special (e.g. strong academics or talent), they'll find the resources no matter how difficult the economic times might be.
"Need Blind Admissions" and the Financial Aid Process