Honesty is the best policy during the college admission process. If a student states on a college application that financial aid is not needed due to the belief that acceptance is more likely, opportunities for scholarships, grants and other financial awards may not be forthcoming. Many colleges and universities accept students regardless of financial need. Known as the "need-blind" admissions policy, most educational institutions do not base a student's acceptance upon the need for financial aid. The majority of schools place a higher level of importance on traditional factors such as merit, academic achievement, overall GPA and extracurricular activities.
It is important for all students applying for admission to a college or university to complete the Free Application for Federal Student Aid (FAFSA) before the deadline, which is usually around the first week of April. Completing the FAFSA is an important part of the application process for colleges and universities and not doing so can affect the amount of financial aid that a student may be eligible for and delay the admissions process itself for students in need of financial aid. Most colleges and universities state on their applications the necessity of completing the FAFSA form as part of the admissions process. Eligibility for federal student financial aid is based on several factors including income and the Expected Family Contribution. As a student, completing the FAFSA form will enhance the prospects for possibly obtaining additional financial aid such as Federal Pell Grants in addition to other awards such as scholarships.
It's also important to remember when looking at financial aid during the college admissions process that a lack of information on the application form may cause delays. Colleges and universities arrange financial aid awards and assistance based on the information provided within the admissions applications and the FAFSA. If the need for financial aid is present, then clearly state this to be considered for financial aid, especially merit based awards. If you do not need financial aid, providing this information on the college admissions form will clear the way for other students who are in need of financial assistance to fund their college education.
A student with the ability to finance their education that does not want to apply for financial aid or other forms of support such as grants and scholarships should clearly state this on the application form. The majority of educational institutions process need-based awards early in the admission process so that they are applied to the student's account just prior to the beginning of the semester. If a student waits until after the semester starts to state their need for financial assistance, they will likely have to wait until the next academic year to be eligible for any available awards. So, while the ability to pay will not adversely affect the decision for a college to accept you, if you do not state your need for financial aid early in the admission process you will likely not be considered for any available financial awards.