What does it mean for a college to be need-blind and meet full-need? – Thoughts on financing education and the value of a college degree

English: Grinnell College Gates Tower

Most families and students are not only faced with the question, “Can I get into my college of choice?” but also, “Can I afford to attend that college?”  President of Iowa’s Grinnell College, Dr. Raynard Kingston discusses where his college stands on need-blind admissions and meeting full need in the audio clip from NPR radio below.

Understanding the terms:

What does need blind mean in college admissions?   

When a college is need-blind it does not consider student and family finances in its admissions decisions.

What does meeting full need mean? 

Each family has a unique EFC (Estimated Family Contribution) amount that is calculated through the Federal Methodology (FM – based on the FAFSA) and/or Institutional Methodology (IM- based on the PROFILE).  This dollar amount is what the government and the school feel the student and family are able to pay toward the student’s college education.  Meeting full-need means that the college will cover the balance of the cost of school, beyond the EFC, through grants, loans and work-study.  When full-need is not met, the student/family is considered “gapped”.  They are required to pay more than their Estimated Family Contribution(EFC) in order to attend that school.

(An example of Meeting Full Need:  School Cost= $40,000  EFC= $12,000  The remaining $28,000 to finance the education comes from grants, loans and work study)

Is it worth it to colleges to continue these practices?  Is it feasible?  President of Iowa’s Grinnell College, Dr. Raynard Kingston discusses why Grinnell College considered eliminating need-blind admissions.  Click the microphone below to hear his interview on NPR Radio.

microphone

This entry was posted in Best Fit School, College, College Admissions, College Applications, College Scholarships, Educational Consultant, Educational Counselor, Educational Solutions, Endowments, FAFSA, FAFSA, Financial Aid, Financial Aid, Financial Considerations in Educational Choics, Financial Stability of Colleges, Financing College, FM vs. IM, Grants, Grinnell, Informed Educational Solutions, Large Endowment, Plus Loans, private universities, Probability for Admission, PROFILE, public universities, Sandy Aprahamian, Scholarships, Scholarships, State of College Admission, Student Loans, University Strenghths, work-study and tagged , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

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