<p>We have one scholarship letter that says the scholarship needs to be accepted by tomorrow, April 22nd. So I guess not all schools give until May 1st. </p>
<p>(Is everyone running to get their files of papers now and checking?)</p>
<p>Schools can request an earlier response than May 1 on a scholarship offer. For undergrads, if the school is accredited by NASM or is a member of NACAC, and if the student then requests an extension until May 1 by the school’s initial stated deadline, the school is obligated to grant that extension without penalty in admission or financial aid. There can be exceptions to this policy if the school is somehow legally bound to commit the money before May 1, but not just because the school wants to have an earlier response so they can reallocate money before the general deadline. This information can be found in policy statements to which their members have agreed on the NASM and NACAC websites.</p>
<p>The NASM version can be found at [FAQ</a> 15](<a href=“http://nasm.arts-accredit.org/index.jsp?page=FAQ%2015]FAQ”>http://nasm.arts-accredit.org/index.jsp?page=FAQ%2015)</p>
<p>The NACAC version can be found at <a href=“http://www.nacacnet.org/AboutNACAC/Policies/Documents/SPGP10_10.pdf[/url]”>http://www.nacacnet.org/AboutNACAC/Policies/Documents/SPGP10_10.pdf</a> but you have to go through a free registration process to get there. See page 4 of that document.</p>
<p>On closer reading, what they say is that a student’s acceptance of an offer of financial aid is not binding until May 1 and that students can back out of any agreements until that date without penalty. This does not apply to ED acceptances, which have earlier deadlines. </p>
<p>If a school is pressuring you for a decision before May 1, you can give them one and should be able to retract it until that date. Note the exception if the money comes from the state. The state can impose an earlier deadline that is binding.</p>
<p>If you point this out to an NASM or NACAC school, they may well be willing to grant the extension rather than go through the game of an acceptance of their offer that has a known possibility of retraction a few days later.</p>
<p>BassDad, that is exactly the case. There is the option to retract, and I am sure it is for the purpose of being able to reallocate the money (which I think is admirable). The reason for the post is because 4/22 almost got by me - I was focused on 5/1. I just wanted to make everyone realize that they might have to take some action sooner than 5/1.</p>
<p>As with any contract, you should read the terms and conditions carefully. At the same time, it pays to know your rights and your available options should any of those terms or conditions not meet with your approval.</p>
<p>I worry that if school A decides it needs an answer by 4/22, then school B will either want to do the same or go them one better and ask for 4/21. What then will school C do? I think it admirable that they have settled on May 1 as a common date. Deciding among acceptances can be difficult and I don’t think 30 days is too much to ask after the students have first been made to jump through all the various hoops of the application process and then to wait for months to know all of their options.</p>
<p>Aside from ED, I think schools should not press for commitments, retractable or not, before the agreed-upon date of May 1. In return, students should let the schools to which they have been accepted know as soon as possible if there is no chance at all that they will attend.</p>
<p>I agree with you completely. I was pretty bothered by the fact that we almost messed up and almost missed the date. HOWEVER, I really appreciate the sentiment behind the earlier date. The (scholarship) money does not do the school, or the students, any good if it is not used. What they are trying to accomplish is making the best use of the money they have. </p>
<p>Either way has its pluses and minuses.</p>