<p>“Admissions directors get reports from the financial aid office about budgetary issues at every stage in the process. One of the most important “institutional priorities” is keeping the college solvent.”</p>
<p>It works differently at some need-aware schools. The adcom admits need-blind until the FA office says STOP when the aid budget is gone, and then only full list payers are admitted. Solvency is maintained.</p>