Umm…it’s not quite that easy to walk away from an ED offer. My understanding, from guidance counselors and general college advice articles, tours, and books, is that withdrawing from ED is not taken lightly by colleges. Some people have reported that their accepting institution calls your school’s guidance counselor and your school’s future acceptance rate will decline. It is generally best avoided as you are reneging on a commitment and the experience is not an easy or pleasant one. Best to get the financials sorted ahead of time by asking a point-blank question of financial aid: If accepted ED, what would our FA and/or merit package look like?
Have you run the NPC? When the Lehigh NPC returned an EFC of $80k, I laughed out loud, thinking surely there was a mistake somewhere. There was no mistake. I was told we had “too much in retirement savings” to qualify for aid.
Lehigh is an expensive school full of very affluent NY/NJ/CT kids from the top 5% income level, with a healthy dose of rural Pennsylvania first-gen kids who get generous financial aid, as well as URMs who get nice no-loans packages.
As for merit, there are a few Trustee Scholarships for either full or half tuition for the very top applicants. Current tuition is just shy of $60k but with a 3.5% increase expected for next year (not yet publicized on their site), your daughter would need to be at the very tippy top of the application pool and/or have something very unique about her that Lehigh strongly desires to round out the class. Even with the Trustee scholarship, you will still be looking at a total cost of close to $80k all-in for this year alone. Every year tuition increases 3.5%. The residential costs are underestimated on their site, because after freshman and sophomore year, most upperclassmen will either live off-campus or in sorority housing. Sorority or fraternity housing can cost $14k per year or more (see the listing on the Lehigh site). Renting off campus is not cheap as many homes have been purchased by investors. Please look carefully at the fees assessed over and above tuition and room and board, and factor in transportation, books and incidental costs. Right now their site estimates a four year degree costing just shy of $300k.
If you are an upper middle class family from a high cost of living area, don’t expect much if anything. Typical merit awards are small (think $5000 - $7500 per year) and tuition and expenses rise yearly. “Extra” activities are expensive as well.
You’re best bet is to look carefully at the NPC and call them to walk through what could be expected if you apply ED. Do not wait until after acceptance. Make sure you have some offers from what they consider their peer schools as they will not consider competing with offers from schools with similar academics and rankings if not a direct peer. By this I mean, you can’t claim an offer from a Western or Southern small uni or LAC is a peer offer.
Good luck and let me know if you have any other questions.
What does your child want to study? It sounds like it is time to make sure you have some reasonable safety options.
And if your daughter wins a Trustee scholarship, congratulations and go for it! What does she want to study?