<p>Bobby (and kleibo):</p>
<p>Actually, I don’t know that much about this. Conventional wisdom is as you describe it – colleges will not offer merit aid to students who have been accepted ED. I think that’s probably right as a rule of thumb, but I also think it varies from college to college, and you need to look specifically and to ask the right questions rather than just making assumptions.</p>
<p>I think merit aid tends to fall into three general categories: (1) Relatively small amounts ($1,000 - $10,000/yr) that colleges will offer as an inducement to enroll on a case-by-case basis. (2) Formula amounts based on objective criteria (like National Merit Scholar, or certain SAT/GPA hurdles), that can be large or small. (3) Large awards based on selection processes that are often ultracompetitive.</p>
<p>The first category is the most common. That’s what you are least likely to get if you are accepted ED (although again individual colleges may be exceptions). It is often the case, however, that these awards do little more than make up the difference between the need-based aid of a relatively wealthy college (Ivies etc., or some top LACs) and the less fulsome need-based aid of competitor institutions. At or near the top of the food chain, there are important differences in the way colleges calculate need, and as you look at less selective colleges there are important differences in what kind of “gap” their standard financial aid offers. As a general matter, if $5,000/year more or less would make a difference as to whether you would attend College A or College B, you probably shouldn’t be applying ED to either of them. And, for lots of middle-income students, need-based aid at a place like Harvard or Princeton (assuming you get in) is going to be a better deal than merit-plus-need at any college that is a heavy merit-aid user, unless you qualify for a super-groovy competitive award.</p>
<p>With formula awards, I think usually ED will not make a difference. However, the colleges with really significant formula awards (generally less prestigious state universities) are probably not colleges to which you might apply ED.</p>
<p>Lots of them may be rolling admissions colleges anyway. Rolling admissions is really a category unto itself. It is like EA, but often better – you may get admitted well before December 15, and your early application doesn’t violate any other college’s EA or ED restriction. If you apply to rolling admissions colleges, it is very important to get your applications in as early as possible, because they tend to offer merit aid on a first-come, first-served basis.</p>
<p>The largest, most significant scholarships tend to involve a separate application and interview process. They are always competitive, and at really popular colleges can be more selective than getting into Harvard. I think, but am not sure, that in these cases ED would not disqualify you. But you can’t count on getting one of these.</p>
<p>In the end, you really have to research each college that interests you, and also do some research into colleges that may not interest you at all on first glance but which have significant merit programs.</p>