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AdmissionsFinancial AidStudent Life

Cutting Back Financial Aid

By February 25, 2011 No Comments

These are tough times for everyone, including the most prestigious universities.  As more and more students need and qualify for financial aid, schools are beginning to cut their packages.  The 568 Presidents’ Group features 20 or so colleges that have committed to need-blind admissions.  Schools are beginning to drop out.

Williams College began cutting back last year, when they revised their policy of replacing loans with grants.  Many have followed since.  Now colleges are beginning to end their need-blind policies.  Need-blind admissions is a process that allows institutions to make admission decisions without taking a student’s financial situation into account.  While many schools claim they will keep their need-blind admissions in place, some experts have gone so far to say that need-blind admissions “don’t really happen anymore.”

With financial aid cut backs and soaring tuition, students and families are going to need to re-evaluate their financial situations and college financing plans.  There are “tricks” to the art of applying for aid, ranging from best practices (like using liquid assets to pay down credit card) to perhaps unethical “money moving.”

Maybe getting married to get in-state tuition or more federal financial aid is not such a bad idea…. (this is a joke, but some students are not joking about this).