Is it okay if I write about my financial situation here? Would a paragraph about my situation be sufficient enough?
I assume you are submitting your financial information as part of FAFSA. Is there something else you need to say about it that isn’t obvious from just looking at your financials? If so, then a brief paragraph would be fine.
Remember that the application goes to the Admissions Committee, not the financial aid office.
The AdCom does not need to read about how you need Financial Aid because…
If your “financial situation” has caused you difficulty, effected your HS performance, or ability to be involved in activities because you had to work, etc, then a brief discussion of that is fine if it isn’t apparent from other parts of your app. Is this something that your school profile and/or counselor rec might cover (e.g. if you are low income, etc)?