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George Washington University, which has been tirelessly fighting its rich-kid image, admitted that its declared “need blind” admissions policy—a policy that does not factor in an applicant’s financial status when determining if he or she should be admitted to the school—is anything but.

Up to 10 percent of GW’s roughly 22,000 or so applicants each year are moved from “admitted” to “waitlisted” if they need more financial support, according to a report from The Hatchet, GW’s student newspaper.

Wealthier students are, in turn, removed from the waitlist and put into the accepted pile.

Through Saturday, the university’s website said requests for financial aid do not factor into admissions decisions, but that description has since been removed, the Hatchet reported. The website now explains the university’s “need-aware” admissions policy.

“By being need aware, GW is better able to stay within its aid budget allotment as well as provide better aid packages for those students with financial need,” Associate Vice President for Financial Assistance Dan Small said, according to the Hatchet.

GW, which comes with a hefty price tag of $60,000 for tuition and housing, was banned from U.S. News & World Report‘s2013 college rankings report for inflating its admission data.

Read more at the Hatchet.

*Update 6:50 p.m.: The Senior Associate Provost for Enrollment Management Laurie Koehler issued the following statement in response to the Hatchet story:

Today’s story in the independent student newspaper the GW Hatchet may have given the impression that the university’s consideration of student need in its admissions process has changed.  The university’s admissions practices have not changed with regard to how financial aid requests are factored in. What has changed is the new leadership in enrollment management. What we are trying to do is increase the transparency of the admissions process.

I believe using the phrase “need aware” better represents the totality of our practices than the phrase “need blind.”  It is important to note that consideration of need occurs at the very end of the admissions process.  The first review of applications is need blind and admissions committees recommend candidates for admission with no knowledge of need.  Some admissions professionals use the phrase “read need blind” to describe a process like ours where the admissions committees do not have access to the amount of need of an applicant.

The Hatchet story suggests that the university’s practice of need aware admissions automatically disadvantages students with need.  Quite the contrary, our need aware admissions policy enables the university to provide more attractive aid packages for students with financial need while staying within our aid budget.  More than 60 percent of our students receive grants from the university.

The George Washington University is committed to the goal of making a George Washington education accessible to all who qualify for admission.  We have always said that one of our competitive disadvantages is not having the resources to undergird student aid.  The university has significantly increased student aid under the leadership of President Steven Knapp, who made this his top priority on day one of his presidency.  This includes launching the Power and Promise Initiative to increase philanthropic giving for student aid.  We will continue to work to clarify our admissions practices and to recruit a strong and diverse student body.