Need-aware colleges vs. need-blind colleges

I've been hearing about need-aware and need-blind colleges, but I'm not quite sure what they mean. What is the difference between the two, and how does it affect the financial aid I might receive?

The main difference between need-aware and need-blind colleges lies in how they consider applicants' financial situations in the admissions process.

Need-blind colleges do not take an applicant's financial need into account when making an admission decision. This means that students are admitted solely based on their academic achievements, extracurriculars, essays, and other factors, regardless of their ability to pay for college. Some well-known need-blind schools are MIT, Harvard, and Stanford.

On the other hand, need-aware colleges do consider an applicant's financial need as one of the factors in their admissions decisions. While this doesn't necessarily mean that students are denied due to their financial situation, it does indicate that the inability to afford the cost of attendance can potentially impact an applicant's chances at some schools. The majority of schools in the US are need-aware.

It's essential to note that being need-blind or need-aware does not directly impact the financial aid you might receive; it only influences the admissions decision. Both types of schools can still offer generous financial aid packages. However, need-blind schools may be more likely to meet 100% of demonstrated financial need, which means they will cover the full cost of attendance, less the family's expected financial contribution, as calculated by the FAFSA or the CSS Profile.

In conclusion, need-blind colleges do not consider financial situations in their admissions process, whereas need-aware colleges do. Both types of schools can still provide financial aid, and you should utilize each college's net price calculator to estimate your potential financial aid package. It's essential to apply for financial aid early and research scholarships to maximize your chances of receiving assistance, regardless of the type of school.