How Does Financial Aid Affect College Admissions?
Many parents and students lack a complete understanding of the roles that financial aid and need play in the admissions process. Colleges have a limited amount of aid available for students, and each college manages this budget differently. It’s important for students and their families to have a good understanding of how financial need impacts the admissions decision process at their desired colleges.
In an article published in The Chronicle of Higher Education, Angel B. Perez, the Director of Admissions at Pitzer College lists three ways that colleges consider educational aid in regards to the admissions process.
#1 Colleges with a Majority of Wealthy Students
At some schools, financial aid isn’t as big of a concern as it is at other schools, because the majority of students are wealthy or come from wealthy families. At these schools, it will be important for students who need assistance financially to ask about how aid is awarded, including whether scholarships and grants are need-based, merit-based, or both.
#2 Colleges that Don’t Meet the Full Financial Need
Some schools accept students regardless of need (these schools are considered need-blind), but they don’t necessarily cover the full needs of all of the accepted students. At these colleges, financial need isn’t factor in the admissions process; students can apply for aid and it doesn’t affect admissions decisions either way. However, at some of these need-blind schools, there is no guarantee that funds will be available to all students who need them.
#3 Colleges that Consider Financial Need in the Admissions Process
The third way that colleges manage financial aid with regard to admissions is to consider the amount available, and to decide to meet the financial need of all accepted students. At these schools, the number of students accepted could be impacted by the amount of financial aid available.
More About Need-Blind Colleges
In our research, we found a couple of schools that merge need-blind admissions with meeting the full financial need of students. Bowdoin College states on their website’s frequently asked questions page:
“Does applying for financial aid affect my chances of admission?
No, Bowdoin is “need-blind” in its selection of first-year candidates, meaning that a student’s financial aid eligibility is not used as a criterion in the selection process. It is also the practice of Bowdoin College to meet the full calculated financial need of all enrolled and entering first-year students.”
Harvard University is another need-blind college, stating on its frequently asked questions page:
“Does applying for financial aid affect a student’s chances for admission?
No. Each admission decision is made without consideration of a candidate’s financial need – a policy we call “need-blind” admissions.”
and
“…Students apply for financial assistance each year, and we will meet students’ demonstrated need for all four years.”
What Questions Should You Ask About Financial Aid?
It’s imperative that you ask specific questions. Many colleges and universities above have frequently asked questions pages which talk about these issues openly. At other schools, you may need to dig.
First, you should ask whether or not financial need is considered during the admissions process, and second, you should ask what type of aid is provided, since it may extend beyond scholarships and grants to work-study and/or student loans.
As always, if you have any questions we can answer, feel free to reply to this post in the comment section below.
