Register for our webinar: Deep Dive of the 2024 College Admissions Cycle Results

May 16, 2024 at 6:00 PM CT

Learn key takeaways and surprising trends through an in-depth analysis of the 2024 results. We'll share strategies for building a balanced college list based on the latest data and crafting a well-rounded application that stands out in an increasingly competitive environment.

Need-Aware vs Need-Blind

Whether highly selective colleges consider financial need during admissions decisions holds significant implications. Need-blind schools purely evaluate academic potential, extracurricular talent, and fit regardless of ability to pay. Their aid dollars stretch to make enrollment accessible across all incomes. 

In contrast, need-aware institutions do factor in financial need for some percentage of admission spots to ensure they can fiscally support enrolled students. Applicants seeking aid may face marginally tougher odds if colleges cannot fund every student’s full ride. Understanding an elite college’s approach provides helpful context during a holistic application review process that is already profoundly competitive. While more colleges are moving toward need-blind, families should still research policies. With strategic financial planning, both models provide paths to highly selective degrees.

Additionally, a college’s financial ad policy can offer families insight into admission prospects and indicate how broadly committed a college is to economic diversity on campus. There are rewarding college options across the need-aware and need-blind spectrum. Here’s a list of need-blind colleges in the U.S.

Loans and Work Expectations

Given their scale, highly selective colleges cannot fund every student’s full ride through grants alone. Most aid packages consist of self-help expectations met through federal loans, on-campus employment, and occasionally higher-cost private loans. Compare the ratio across aid awards to project out-of-pocket costs. High-income families see more loans that must be repaid versus the direct grants gifted to lower-income applicants.

Appealing Aid Packages

Many colleges will negotiate aid awards when families demonstrate changes in financial situations or present competing better offers. Be ready to verify income drops since initial aid forms were filed or share competing award letters from similar elite colleges hoping to match.

Maximizing Eligibility

Complete the CSS Profile aid application in addition to the FAFSA to share supplemental finance and home equity details so they can be considered in institutional calculations. Check if your state and college provide Net Price Calculators to estimate potential aid eligibility (just search for this on each college’s website). Then, appeal if the final package disappoints expectations.

With planning and paperwork, highly selective degrees can be financially within reach for many households by supplementing savings through generous need-based grants or affordable self-help awards.