Consider this from Todd Weaver, Senior Associate at Strategies for College, Inc. :
"Every admissions rep I've spoken to over the past few years has simply laughed when I ask if they have time to review a potential student's social media sites. They are so busy - typically spending 5-6 minutes reading an application - that they have no time to chase down Facebook, Twitter, or other social media sites that Teens might be on.
This is a "scare tactic" article that pops up every year. Admissions officers will not voluntarily chase this information down.
Granted, if a college has to go to it's waitlist and there are two similar candidates, then, and only then, might they possibly have time to look at a student's social media site."
"I agree with Todd. We have heard the same thing in talking with admission deans. The exceptions: 1. Scholarship students; 2. Athletes; and 3. When a student has made a claim that the school is seeking to verify by Googling the student."
Ms. VanDeVelde is referring to high profile scholarships (the ones with names), not the basic financial aid packages most students receive. Furthermore, a college probably won't check to confirm that you were really the president of the German club, but will check if you make an unusual claim: "I wrote a best-seller." "I hold a patent." or "I was named ambassador to Andorra."
This is not to say that you shouldn't be careful about how you present yourself online. It's not too early to take basic precautions about what you post or tweet. However, unless you fall into one of the categories mentioned above, you can scratch "clean up my profile" off your college application to-do list.