I can’t seem to figure out what exactly the implications of this are. Let’s say one was applying to Cornell, who’s tuition is 51k/year. Cornell and the ivys are “need-blind” which means they won’t consider your financial situation when deciding whether or not to offer you acceptance. So does this mean that if they accept someone who’s EFC is 15k, they are obligated to give a package of 36k? Likewise, if someone’s EFC is over the cost of tuition, then does that mean they won’t receive any financial aid?
If you are an international student, need blind does not apply to you. Your ability to pay will be a factor in admissions.
When you say that your EFC is 15k, do you mean your FAFSA EFC? Cornell uses the CSS profile. If your parents are divorced/separated/never married, Cornell will require the CSS Non-Custodial profile.
If your parents are self employed or business owners, the Net price calculator will not be accurate for you. If you own property outside your primary residence, it will count as an asset (if there are any rents paid, the rent will be income).
Need blind means that schools will not consider your ability to pay when they consider your application for admission. it has NOTHING to do with financial aid.
You’re confusing “need blind” (which affects offers of admissions) and “meeting demonstrated need” (where the school strives to make it affordable for those admitted).
Many schools practice Need Blind admissions – because it doesn’t really cost them to admit kids. Few schools are wealthy enough to practice “meets full demonstrated need”.