Many of the elite private colleges are smart enough to be able to build a class that targets at specific level of FA need, while being need-blind for individual applicants.
It is not hard to see that a college can tip the class to less FA need by doing the following, without having to look whether individual applicants applied for FA or how much FA they are likely to need.
- Filling more of the class in early rounds.
- Increasing weight toward standardized test scores relative to HS GPA.
- Increasing weight toward legacy.
- Increasing weight toward athletic performance, particularly in "preppy sports".
- Decreasing weight toward first-generation-to-college.
- Decreasing weight toward working for pay.
- Favoring high SES high schools in recruiting and admissions.
- Requiring non-custodial parent information for FA (probably eliminates about half of potential FA-needing students).
Of course, far more numerous are the colleges that just do not give good FA. They may admit FA-needy applicants on a need-blind basis, but know that their yield will be low because they will not find those colleges to be affordable.