I’m a little bit confused about when you get your financial aid package if you get accepted early decision. Do you receive the package with your acceptance, or do you get it in the spring when it’s too late to apply anywhere else? I’ve heard both, and I don’t want to apply ED and withdraw due to financial problems only to miss the regular January deadline. Don’t you need the FAFSA to apply for aid (it comes out in January)? Thank you!
Most schools that have ED applications as an option also have a way to get your financial data early as well. For Profile schools, there is an early filing deadline sometimes as early as November 1. The Profile will be available for completion on or about October 1. You would need to do your very best estimates for the full tax year. Some schools use their own financial aid form to gather this early data.
In any event…go to the websites of your colleges…and go to the financial aid section. You should easily find the submission requirements as well as DEADLINES for ED applicants.
ED accepted students get an estimated financial aid award with or shortly after their ED acceptance. They have the financial aid in time to make a decision whether to accept or not the offer of ED admission.
But beware…garbage in, garbage out. You will be required to file a fafsa after January 1, and if your income and asset info does not align with your early Profile filing, or school form filing…your award could be adjusted. So estimate VERY well.
Have you run the net life calculator for your ED school? This can be very helpful in giving you an idea of the net cost you will have. Just keep in mind that if your parents are divorced, own a business, are self employed, or own real estate other then your primary residence…the NPC might not be accurate.
So…start there. If the NPC yields an unaffordable net cost…you might want to rethink the ED applcation.
And if you have significant financial considerations, you might want to be able to compare multiple offers…which you won’t be able to do at all with an ED acceptance. That ED offer could be the best…or it could be the worst…but you will not be able to compare to know.
@thumper1 thank you so much! I’ll be sure to do that.
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I don’t want to apply ED and withdraw due to financial problems only to miss the regular January deadline
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You also don’t want to miss the much earlier deadlines that some schools have for scholarship consideration. Get those apps in early as well.