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Not All "Need" is Created Equal
Your opinion of "broke" may not be the same as your college's financial aid office's.
By Ryan Uricks
April 21, 2009
When a college is considering your application, they weigh a variety of factors. One of them can potentially be whether or not you can afford to attend the school. Different schools have different policies when it comes to student need in admissions. The policies also affect whether the school will provide all, or only some, of your demonstrated need. While there isn’t a strategy to help you get more money, it’s wise to know what policy the school has when you apply.
Need Blind
Schools that consider themselves ‘need blind’ do not consider financial aid in the admissions process. Also, these schools are most likely to fund all of a student’s demonstrated need. These schools usually have ample endowments to spend on financial aid and as such, only a small number of schools, all of them private, have need-blind policies.
Need-Sensitive
Need-Sensitive schools generally do not consider financial need in the admissions process. However, if an applicant is on the edge of being accepted or denied, than financial need may be used as factor for acceptance. Generally, only 1-5 percent of all applicants are reviewed in this manner. Need-sensitive schools may not cover all students’ demonstrated need and finance part of the need which then needs to be filled by other loans or scholarships. Still, need-sensitive schools are able to provide up to 95 percent of demonstrated need.
Full-Need Schools
These schools guarantee to meet all of their students’ financial needs, including international students who are traditionally barred from receiving institutional aid. However, of over 4000 colleges in the country, only eight (MIT, Dartmouth, Harvard, Princeton, Yale, Williams, Amherst, and Middlebury) are need-blind and full-need schools.
An additional 35 colleges are need-blind and offer full financial need except for international students. These colleges include Beloit College, Boston College, Brandeis, Brown, Caltech, Claremont McKenna College, Columbia, Cooper Union, Cornell, Davidson College, Denison University, Duke, Emory, Georgetown, Grinnell, Haverford, Knox College, Northwestern, Pomona College, Rice, Stanford, Swarthmore, University of Chicago, University of Miami, University of Notre Dame, University of Pennsylvania, University of Richmond, University of Rochester, University of Southern California, University of Virginia, Vanderbilt, Vassar, Wake Forest University, Wellesley and Wesleyan.
CareenP3
3 months ago
I am a non traditional student with 3 kids. I have worked hard most of my life to make ends meet. At this time my spouse is the only one working so that I may attend college full-time. So that we too can live the American dream. I applied for financial aid and was approved but since we are barely floating i went ahead and applied for Stafford Loan as well. We are currently $20,000.00 in debt not including the student loan that I just applied for and of course also comes bad credit status. Which makes people with this status pay higher montly payments on car loans, etc. My family and I live without help from food stamp nor medicaid. What I do not understand is why my financial aid was cut in half due to the stafford loan i took out. I spoke to another student and she said that this should have never been done. They did not do this to her when she applied for stafford loan in addition to her financial aid. One of my children has a chronic disease in which he has been in and out of hospital ICU and Medflighted to the nearby hospital so you can imagine the additional dues that we have. Can you please help me? I just want to make sure what is really correct in this situation. Sometimes I wonder if I made the right decision to finally get a college education. This is just my first year yet, i'm tired of living on peanut butter and jelly and of course the favored Ramen noodles. I look forward hearing from YOU!!
ValerieR47
5 months ago
I need more information who can I contact?? scholarships offset your package because of NEED, but what do I say to a donor once I meet that need? sorry I'm not allowed to have your money? I am not the only student facing what they call "over-award" why if a donor is in support of my education can't this money be applied to my outstanding loans? okay so I have a maximum of how to deal with my academic year -- but what about the OVERALL PICTURE. Nobody teaches you how to deal with scholarships and fafsa as a total picture like managing a portfolio. I want a mini seminar OR workshop on that please!
LauraN412
5 months ago
This is good as well as interesting information.
KerstenK3
5 months ago
I'd like to see definition of "need" be addressed in this economy. My child has been accepted at a very reasonably priced instate school. Our Expected Family Contribution was 100%, and we were offered a small, unsubsidized loan due to our dual income level. Unfortunately, I was laid off 3 months ago, and we have now experienced a 50% cut in income. Unfortunately, our mortgage payment, insurance, property taxes, car payment, utilites, and other debts which were quite manageable 3 months have not changed and we are struggling to make our current fixed debts based on our new imcome. We submitted an update of our status to our Financial Aid Office, but only received another unsubsidized loan. In this economy, I would like to see schools recognize that needs are also based on life change events, not just total income. We will try to get by with unsubsidized loans until I can get back to work, but I'm concerned about how this will affect our retirement savings.
LeathieS
6 months ago
Very useful article wished I had this information when I started college! Now if I could only find a online school for my major that was one of the colleges listed.
IeshaA27
6 months ago
I feel that colleges should really look into the backgrounds of some students that plan to attand their college. I feel that college feel that we have the money but we all are going through hard times now and with use getting out hopes up it is getting harder to see a light out of this tunnel.