<p>Hey Guys,
I just wanted to know whether or not I should apply ED even though I would need a substantial amount of financial aid. Penn is my number 1 school and I really want to apply ED, but the fact that I would need financial aid before even thinking about attending is really worrying me. My stats are typical of Penn and I lack any legacy so I want to show them that I am interested, but money is and will be a huge issue for me. So based off your knowledge/experience do you think that I should apply ED or wait it out and apply RD for financial aid.</p>
<p>You can turn down an ED acceptance if the financial aid is not adequate. In theory, there could be a debate about what’s adequate or not; in practice, if you act quickly and tell them that you can’t come because you haven’t gotten enough aid, no one will question that. But if you turn down the ED acceptance, that’s it for Penn. You can’t hold the offer of admission open to see if someone in fact offers you more aid, but leaving yourself the option to go to Penn if no one does.</p>
<p>Keep in mind that colleges talk to each other. If you’re unable to pay for Penn even with the provided financial assistance, other schools may be hesitant to accept you as an applicant. This may or may not apply to “need-blind” schools, which brings me to my own question: If you fill out a FAFSA form, will “need-blind” colleges know if you will be needing aid or not? (If so, I probably won’t waste my time filling out the FAFSA form knowing that I probably won’t get any financial aid)</p>
<p>For U.S. citizens, the admission officers won’t know (theoretically) whether you’re applying for FA, hence the need-blind.
It’s a different story for Internationals. </p>
<p>BUT know this. If you turn down Penn after getting accepted ED without a damn good reason regarding FA, it will follow you for the rest of your life (read the ED agreement carefully and make sure you are making the right decision).</p>
<p>Colleges DO NOT “talk to each other” about financial aid, especially Ivy League colleges that are specifically forbidden to do that under a consent decree they entered into with the U.S. Justice Dept. Antitrust Division about 20 years ago.</p>
<p>The issue of whether/how you can turn down an ED acceptance is often debated on CC. I believe my post above reflects an informed, accurate, majority view.</p>
<p>Theoretically, admission is also need-blind for internationals, but to what extent is the policy practiced would be another story.</p>
<p>Penn historically has been a very generous school in terms of financial aid package. I personally have never seen anyone unable to attend due to financial circumstances. So if you are not satisfied with Penn’s offer, chances are, you will not be contented with that from any other school except for HYPSM.</p>
<p>As far as I’m concerned, reneging on an ED agreement is not only a poor decision, but also could be used against future applicants from your school. There is always the option of taking a loan. If that’s not an option you’re willing to take, don’t apply ED.</p>
<p>Very few colleges have need blind admission for foreign students.
An interesting question is whether some universities have been increasing admissions for foreign students partly as a way to increase revenue while still being able to announce that they are need blind.</p>