The Two Most Confusing Phrases in Financial Aid

Paying for College
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<p>"There’s a lot of confusion and misinformation out there when it comes to college admissions and financial aid, and a lot of it surrounds terminology. One of the most common misunderstandings concerns a policy that most U.S. colleges now have: so-called need-blind admissions.</p>

<p>Peterson’s defines the term this way: If a school practices need-blind admissions, it means that there is an invisible wall between the admissions and financial aid offices such that admissions officers are unaware of your financial circumstances when they evaluate your application …</p>

<p>… The key is this: The fact that a college will admit you regardless of your financial need does not mean that they will provide the financial aid needed to make the college affordable. New York University, for example, offers need-blind admissions, but its students graduate with among the highest average debt loads of all schools in the country. What this means is that a large number of students are admitted but do not receive the financial aid to fill the gap between their means and the cost of attendance. The resulting gap is filled with loans …</p>

<p>… So remember: Don’t let the phrase need-blind admissions make you think a school is affordable. All that it means is that they’ll allow you the privilege of borrowing a bunch of money to pay tuition … '</p>

<p>Interesting article about the student loan issue.</p>

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<p>Agreed…NEED BLIND for admissions does NOT mean the school will “meet full need”.</p>

<p>In fact there are schools that are need aware for admissions (meaning they do look at financial need) that meet full need IF you are admitted.</p>

<p>MEETS FULL NEED has to do with how financial aid is awarded based on what the school computes as your financial need.</p>

<p>NEED BLIND FOR ADMISSIONS means the schools do not consider need when they consider your application for admission and has NOTHING to do with financial aid at all.</p>

<p>Folks frequently mix up these two terms.</p>

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<p>Agreed…</p>

<p>And the acronym EFC needs to change as well. Very confusing for many families.</p>

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<p>You said “the two most confusing phrases”. What’s the second one?</p>