Key Takeaways:
- Need-blind schools don’t consider your financial need as part of your application.
- At need-aware colleges and universities, your financial need could affect your acceptance odds.
- Applying with a strong application, regardless of financial need, can improve your acceptance chances.
Flickr user InSapphoWeTrust
Most colleges consider your financial need when reviewing your application, which could affect your acceptance odds. However, some schools are “need-blind,” which means they don’t consider your financial situation when reviewing your application. Here’s a look at how need-blind vs. need-aware schools consider your application, and why you should still apply for financial aid if you need it.
Does Having Financial Need Affect Your Acceptance Odds?
Yes, in some situations, having financial need could affect your college acceptance odds. It depends on whether the college is “need-blind” or “need-aware,” as well as the strength of your application compared to the competition.
Need-Blind
Just over 100 colleges and universities in the United States practice need-blind admissions, which means they won’t take your financial need, ability to pay, or potential need into consideration when making an admission decision. The admissions department won’t be able to access your financial information while they review your application, and the financial aid department determines your offer letter using your Free Application for Federal Student Aid (FAFSA) or CSS Profile.
Keep in mind that your essay or other aspects of your application could bring attention to your financial status.
Need-Aware
Need-aware institutions are aware of your financial need while they review your application. However, that doesn’t necessarily mean that a college will reject your application simply because you need financial aid to attend. It simply means the admissions department has access to your financial information during their decisions. The financial aid department will still determine your offer should they accept you.
If you have submitted an outstanding application, with impressive grades, test scores, extracurricular activities, and recommendation letters, you have a high chance of getting accepted, regardless of your ability to pay. The question of financial aid may not even enter the equation.
If your application isn’t as impressive, your financial aid requirements could come into play. The school might be more likely to put you on a waitlist or reject your application, giving preference to students with stronger applications with financial need or borderline students who don’t need aid.
Colleges have limited space and limited endowment money. They simply can’t accept every student who applies.
Should You Still Apply for Financial Need?
Yes. Even if you’re applying to a need-aware school, you should still complete your FAFSA (and CSS Profile if the college requires it).
If you have a strong application, it’s highly unlikely your financial need will even be a factor in your acceptance chances. Plus, if you didn’t apply for aid and you’re accepted to your dream school, can you afford to attend without that financial aid package?
Even if you don’t think you’ll benefit from the FAFSA, you might be pleasantly surprised. You never know what a school is going to offer you and income thresholds are constantly changing. Some colleges even use financial aid information to determine merit aid scholarships. By not completing the FAFSA, you could take yourself out of the running for these awards.
Instead of focusing solely on your financial need and whether it will affect your acceptance chances, it’s more important to focus on crafting well-rounded college applications. Colleges are looking for students with solid grades, extracurriculars, good SAT/ACT scores, leadership experience, volunteer work, letters of recommendation, and stellar essays. By giving your applications your all, you can improve your acceptance chances, regardless of your financial situation.
Tips for Covering College Costs
To help you afford college and graduate with minimal debt, follow these tips:
- Complete the FAFSA. Always submit your FAFSA as soon as you can to increase your chances of a good financial aid offer. Schools use your Student Aid Index (SAI) to determine federal student loans, grant eligibility, and scholarships. The form is made available every October 1 for the following academic year.
- Submit your CSS Profile if required. Some schools require a CSS Profile either instead of or with the FAFSA. If your college asks for it, complete it as soon as possible.
- Apply for scholarships. You can find scholarships from organizations, non-profits, businesses, individuals, and more. It’s free money! Apply to as many as you can to increase your chances of winning. Use a scholarship database to quickly find awards you qualify for.
- Review financial aid offer letters. Offer letters often come with acceptance letters or shortly after. Carefully compare these offers to determine the best deal for your finances and education. A financial aid offer letter comparison tool can help you make sense of the numbers.
- Consider private loans. If your financial aid offer letter isn’t quite enough to cover the cost of college, you may want to take out private loans. However, keep in mind that private student loans tend to have higher interest rates and fewer repayment options than federal student loans. You’ll also have to start paying them back right away.
- Work or apply for work-study. Getting a part-time job or applying for work-study through your FAFSA could help you earn the extra cash you need to afford college.
Final Thoughts
Whether you apply to a need-blind or need-aware college, you should still complete your FAFSA. Financial aid now can save you thousands of dollars in interest and could help you better afford your education with minimal (or no) loans. Always focus on putting your best foot forward when it comes to your college applications to increase your chances of an acceptance letter, regardless of your financial need.
Scholarships can help cover the gap between what a school offers you and what you need to attend – and you don’t have to pay money you win back! Discover awards you qualify for using our Scholarship Search Tool today.
