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<li> Basically, yes. But the rules for ED and EA have changed and there are a lot of hybrids out there with things like single choice or restricted EA and you have to read the rules for every single school that your student wants to apply to. Some have unique rules and exceptions like you do have an ED out if not accepted to certain programs, and some restrictive EA schools do allow early apps to state schools, rolling admissions schools, schools with early scholarships dates. There is also ED2 in the picture. Make sure you read the ramifications of the rules and when their deadlines and responses are. Sometimes if you apply ED1 to one school it could overlap the ED2 of other possibilities if they don’t respond in time because you are not permitted to have two ED apps out at the same time,and you and your student sign such an agreement when you go down this path. So it’s not always that simple.</li>
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<p>Also, though the ideal for ED is that it’s the “college that you completely love & can afford”, that isn’t always the case. In terms of love, it often is a college that the student would have very few regrets going there. Most kids don’t absolutely love any college. How could they? They don’t know enough. But a lot of kids would be just thrilled to get into say Colombia or Brown ED and not have any regrets, in fact, would be jubilant at an acceptance at either or any schools of that sort with that kind of selectivity and lustre. It’s becomes a matter of at which one they would have the best chance of getting accepted. Or a toss up so pick out of a hat. My son’'s friend one year just wanted to get into practically any top flight school, and ED was preferable to get this whole thing over with. It was a matter of finding the best school out of the bunch with the best chance of acceptance. That has become the “ED game” as I call it. Has nothing to do with falling in love with a school. It’s playing the odds. In some way it’s emotionally a bit easier. It can really hurt big time to fall in love with a school and get turned down. It hurts the ego a lot even without the emotional investment, as a lot of these kids have gotten every accolade and award at their school, nothing but encouragement and acceptances, and then they enter the arena of selective college applications and it’s a whole other scene. </p>
<p>As for afford. yes, that is something that should be researched. The way I truly feel is that if you need money, and amounts can make a difference in the choice, ED is not the best way to got. That is not to say that if you have financial need it’s a total shut out, but here is the reality: Most people cannot come up with a hard fast figure that they can’t or won’t pay. It 's a namby, pamby figure. They cannot say if the school come up with a cost of $X, it’s off the table. We get into the old what about $X+ how much more can you go? For those who can run some numbers, take a deep breath and say, that we are going to do all we can to swing this, even if it’s going to hurt a lot because it’s that much worth it to us if kid gets into XYX College, then that could be a go. Run the NPCs for the school and if they look palatable, it is likely going to work, but if you own funky investments, have your own business or otherwise atypical financial profile, it might be a whole other story. My friend got slammed, not a dime of aid from Harvard, despite a modest income, because he supports his family by ownership and management of rundown type apartments (he’s a slum lord). Income about $60K a year. But the value of the those buildings and the way colleges look at this, he’s wealthy. But selling or borrowing against a building to pay college, reduces his income which is not so hot anyways for having a kid in top $ schools. He has pay back any loans (if he could even get them against such properties) and to sell, means losing the income from the place. Too bad, is what Harvard said, as did most other schools. </p>
<p>You can back out of ED legitimately, if the fin aid is not what you feel you can handle, but be aware of the emotional momentum that going through all of this puts on you and your kid. You will have those puppy dog eyes looking at you as you cringe at the figures that you are expected to pay, and that are likely to only increase each year for 4 years. It’s very difficult to make a solid decision that way. I know I could not. I’m too soft of a touch already with things with less impact. Insult upon injury when it comes out at the end of the year that a lot of your kid’s peers get into choice #2 for half the price, and your kid muses she’d be just as happy there and too bad she went ED with the school she did. Yes, I am seeing that right now. Once the pressure of ED wears off, it becomes the status quo and one can look at the choices more rationally, and there is this thing called buyer’s remorse than also can be quite relevant. Your kid HAD to get into Lehigh early, they offered a package that, yes, you could barely manage, but you signed on the line, bought yourself a stress free rest of the app season, and you are everyone’s hero, and her BFF gets packages from Tulane, also was you DD’s list, at a lot less cost, and your DD makes that remark. Also you see kids with Fordham tuition free, and a whole bunch of a other such deals, and you realize that you just lost out on $40K or more that is going to come out of your sweat and stress. If it were Harvard or Princeton, or truly what was a dream school (a term I wonder about anyways other than the top status symbols of names) that’s one thing, but for some schools…really. Does it matter THAT much? </p>