And you don’t suppose that’s because most of those who apply ED aren’t in the financial shoes of OP? I’d guess it’s highly likely that most Penn ED applicants either have a financial situation that makes the Penn NPC very reliable for them or have the financial flexibility to accept a less than optimum package. And I’m not going to ask how anyone could possibly know that “most” ED enrollees at Penn are satisfied with their FA package. I suspect many are less than satisfied but accept nonetheless because an Ivy acceptance is so hard to pass up.
And this is why is just plain stupid to become so enamored of one school that an increased chance of acceptance becomes more important than a wise financial decision.</p>
<p>Actually, Penn is very adamant about not wanting to discourage FinAid applicants from applying ED. It’s a very rich school and their packages tend to be generous, relatively speaking. </p>
<p>I’m talking about Penn in particular. Not any other school.</p>
<p>I love Penn so I am not knocking Penn but it really does not matter which school we are talking about. They all want more ED applicants, all the peer schools are all rich and “generous”, and they all say it does not matter, please apply ED.</p>
<p>But let’s be clear, when you are applying ED, you are basically telling them, it is going to take a lot to make me decline the acceptance offer if it is extended to me by the school. I am not insinuating anything, but this is just reality and the game all of us are playing in.</p>
<p>" Actually, Penn is very adamant about not wanting to discourage FinAid applicants from applying ED. It’s a very rich school and their packages tend to be generous, relatively speaking. "</p>
<p>Classic rocker dad, I agree with your post above to some extent. (I can never seem to get the quotes in the boxes) If it is clear you will qualify for financial aid, Penn may be better than most. The issue here with OP is it is NOT CLEAR for how much if any financial aid they will qualify. </p>
<p>ED makes sense for those who clearly qualify for financial aid, or clearly can afford the school with no financial aid. Those in the middle hopefully will self select out and not apply ED. OP sounds as if they are in the middle. Why chance it? There are 1000’s of good schools out there. No school is worth digging yourself into a financial hole that is unaffordable for your family.</p>
<p>I guess if the OP needs to save herself from herself maybe you all are right. </p>
<p>I always assume that adults are competent. </p>
<p>How hard is it to figure out what’s the most she would pay, including loans, discuss with the student and ex, and if the package comes in short, just bail. Many people make these difficult decisions and stick with them. </p>
<p>I always go for the happy ending if there is a chance of getting one. That seems to be the case here. The admissions stats for Penn are much more favorable ED.</p>
<p>“ED makes sense for those who clearly qualify for financial aid, or clearly can afford the school with no financial aid. Those in the middle hopefully will self select out and not apply ED. OP sounds as if they are in the middle. Why chance it?”</p>
<p>There’s no risk for those in the middle. If the ED financial aid offer isn’t enough, you decline the offer and apply RD elsewhere. But do use the Net Price Calculator to avoid wasting the application fee, if any.</p>
<p>vonlost - if you’d read through this thread, you’d appreciate that the NPC’s are notoriously unreliable for families with certain financial circumstances, so it’s not so straightforward as simply determining, ahead of time, what a student’s aid award will be.</p>
<p>For those families for whom no easy prediction is possible, the ED offer that’s rejected as inadequate may turn out to be the best offer the kid receives . . . and family hardship may be the ONLY way of affording the colleges the kid (and his family) are hoping for. Maybe the family is willing to downsize if there’s no other way . . . but how can they know if this will be necessary when the ONLY offer in front of them is the ED offer?</p>
<p>Family finances are rarely as “black & white” as you (and ClassicRockerDad) seem to assume. Could a family get by with one car instead of two? Could mom or dad take on an extra part-time job? That’s the kind of decision that’s best made when ALL the numbers are in, and not just the first offer.</p>
<p>I managed to cut my family budget by a significant amount this year by reducing what I spend on food. (For those not clear on how this could be achieved, it’s what a clever CC’er recently described as shifting from a diet of “beans and rice” to a diet of "beans or rice”!) Could I reduce my budget even more? I can’t imagine how. But if I needed to do it . . . well, who knows?</p>
<p>ED should be attempted only when you have that one first choice school far above all others, when your only question is: Can we afford it? If you’re happy to attend another school that gives more aid, don’t apply ED.</p>
<p>Consider also the reputation or statistics of a school’s aid, in terms of its offer being beaten. Penn’s is considered good, NYU’s not so good. If you can’t afford Penn’s ED offer, is another school likely to do better at RD time? Plug the same numbers into schools’ NPCs to get a first approximation.</p>
<p>I am the parent of a current Penn student, a single mother, and the sole provider for my child (no paternal support). The financial aid package was very important to me when my daughter was apply to colleges. We made a decision not to apply ED to any school. In the end, it was the best decision ever. </p>
<p>Out the gate, Penn gave my daughter the best financial aid package of all schools, including other Ivys. Additionally, applying RD allowed me to see other financial offers. Plus, schools were open to negotiate with me to make their packages more affordable. I had schools that matched and/or bet Penn’s offer. In the end, we stayed with Penn and never looked back. It was my daughter’s first choice and because their financial aid offer was good out the gate, I felt that they evaluated my situation thoroughly. </p>
<p>My fear with negotiting financial aid packages with other schoools is the following year’s offer (not sure if the school would continue to evaluate me the same). I felt like the better aid offers came from competition only and once my daughter is a student, it would revert back to their current evalution practices. </p>
<p>However, Penn has been consistent every year with their financial aid package and I am very pleased.</p>
<p>My advise is as follows:</p>
<ol>
<li><p>In the end, if the financial aid package is what will determine if your child will attend a school, then apply RD. You want the power to decide. </p></li>
<li><p>Be honest on all your financial aid paperwork.</p></li>
<li><p>Send a letter, on time, regarding any special circumstances with supporting documentation, if possible;</p></li>
<li><p>Contact the financial aid department and ask questions. </p></li>
<li><p>Be realistic and honest. Look at your finances and really know what you can afford to pay. “Not what you want to pay.”</p></li>
</ol>