Early Decision and the new FAFSA

I am a senior and thinking about applying early decision to Lehigh or Lafayette. I know the when you apply and are accepted into a school via early decision it is binding, except for financial reasons. My parents are concerned with financial packages so they are hesitant on applying early decision (November 15th). I have been told that with the new FAFSA from both my school counselor and college financial departments that your package will come back 24-48 hours after your decision is made in mid-December. I have been told that you cannot be forced to attend a school if you do not submit your deposit. My parents and I are very nervous about financial aid and do not want to be stuck in a situation we cannot get out of. I would really appreciate any insight on how exactly a student would back out of early decision this year with the financial package returning in December instead of later on. Is it as simple as you call the school and make an case for a better package, and if not received, you do not put in your deposit and do not attend? Can you simply move on to regular decision applications if you chose to not put in your deposit and do not attend? Any insight or information will be extremely helpful!

First, run the Net Price Calculators on each school’s web site. If they don’t come back with numbers your family can afford then don’t go ED. If they do then go ahead an apply. If the aid you are offered comes back different from the NPC you can ask the school for a reconsideration (pointing out the NPC results). If they don’t budge then you ask them to release you from ED because you can’t afford it.

Thank you for your input Erin’s Dad!

What was the FAFSA EFC? And yes run the NPC like Erins dad said. What does it say? Does it look affordable?

If not, then apply to several colleges that would be affordable, but not ED to Lehigh/Lafayette.

@mommdc the EFC looked affordable, however the NPC looked about 5-7k more than what is affordable.

Yes. They probably take home equity into consideration as well, which FAFSA does not.

Does the $5-7 k include student loans?

Personally we take the loans into consideration with affordability. So yes the 5-7k per year is after considering loans. @mommdc

Don’t Lehigh and Lafayette also use the CSS Profile? If so, the Profile takes a much more in depth look at your finances than the fafsa does. I personally would rely more on the net price calculator number the school has than the fafsa EFC.

Yes they do use the CSS @thumper1 and thanks for input!

The EFC is used to determine whether or not you qualify for a federal Pell grant. The NPC result is what you want to base your decision on. If it’s unaffordable, then don’t apply ED to that school.

One thing you need to understand is that many schools have earlier application dates if you want to be considered for all possible merit aid. These dates are way before you hear back about ED. Do not wait until the ED decision to apply to these schools. As far as I know this is allowed as long as pull all applications once you accept an ED offer.