Also be aware that “need blind” policies, either specifically, or in practice, do not apply to the waitlist. The more cynical among us have suggested that this is one factor behind the size of the waitlists this year (in addition to uncertainty about yield). We shall see once the waitlists start moving.
https://www.forbes.com/sites/realspin/2017/06/04/how-college-waitlists-work-against-low-income-students/?sh=497387582277
But colleges don’t only use the waitlist to ensure they enroll an exact number of students; often, they help keep the school within their financial aid budget. In 2008, Reed, a small liberal arts college in Oregon, considered financial need in the first round of admissions. But when it turned to the waitlist, it only accepted students that were able to pay.
For students on the waitlist at a selective college, it’s almost guaranteed that financial need is being taken into account. While universities with large endowments are an exception, colleges become more aware of student’s financial need as they begin narrowing down their incoming class. Karen Crowley, a former admissions officer at the University of Pennsylvania, admitted rules can change even at need-blind schools when it comes to the waitlist. “It’s not an official practice,” she says, “but admissions officers are human.”