<p>I'm confused about the ED option and financial aid. Let me know if I'm misunderstanding it.</p>
<p>For example, Auburn University is my daughter's #1 school right now and it's out-of-state. The total cost is close to $25,000 a year. </p>
<p>If she applied ED, and was accepted, she'd <em>have</em> to attend. I understand that part, and it's all well and good <em>if</em> they award her plenty of financial aid & scholarship money. If they <em>don't</em>, we couldn't afford to send her there. </p>
<p>So do we not apply ED if we're dependent on financial aid and scholarships in order to afford to attend the school?</p>
<p>During informational sessions, this very question was carefully sidestepped. Yes, you are obligated, but no, they can't force you to pay what you don't have. The bottom line was only to apply ED if financial aid was not an issue. I never heard a direct answer to the question of what would happen if you were accepted and then reneged. Because of the money issue, we did not allow our student to apply ED anywhere.</p>
<p>It looks like you may need to compare offers especially since you state that Auburn is not a good financial fit for your family with out substantial aid. You won't have any leverage when it comes tomparing packages because you would be giving that up. many schools will only let you out of your ED commitment to attend your local school (especially if money is the reason you are not atteding).Therefore I don't think that your daughter should commit to Auburn at this time. I would also suggest that your daughter starts looking at outside scholarships, schools that offer merit money where she would be a top candidate.</p>
<p>First of all, unless thing have changed, Auburn is EA, not ED so this should not be an issue. But if they have changed to ED, it would be a terrible idea to take a chance on financial aid. Only about 10% of the kids get full need met, and most of this is in loans or work study. Your chances are very small you are going to get what you want or need from Auburn. Also, the the overall acceptance rate is the same as the RD rate. Why on earth would you want to apply early there?</p>
<p>I want to apply princeton ED, but have the same issue with financial aid as hsmamainva, my parents made not a lot money, about 20000 dollar per year. So what if I get in? Is there a chance that I then got no finaid., while I am not allowed to apply anywhere else more?</p>
<p>Also I forgot to mention that I am an international.</p>
<p>Financial aid for internationals is a whole different story. I do not remember if Princeton is a school that is need blind for internationals. If it is, you will be in the situation that you will get what Princeton feels is a fair package, and if you cannot meet the family contribution portion, you could have a problem. Also international students do have to show that their costs are covered to even get into this country for school. Schools that are not needblind for internationals, reject them if there is not enough money for them. You need to do research on aid and requirements for international students, as some schools do not permit internationals to apply early, some are need blind, some have great packages for those they accept though they are not need blind, some have merit awards that internationals can compete for. </p>
<p>However, if you do need money, it is not smart to apply ED, as you will have additional issues if you do not get the package you need to come here.</p>
<p>It also depends on some schools. When i applied to Cornell under ED, they said up front that cost should not be a factor, and that if the financial aid package awarded was not enough, we could still get out of the binding commitment under ED.</p>
<p>I would think Princeton would be a different story. They promise to meet 100% of your financial need. So if you're accepted, they'll do whatever it takes so that money is not an issue. However, Auburn only matches 53% of your financial need and I don't know if that goes for out-of-state students, too. Princeton, however, is a private university.</p>
<p>At least that's the way <em>I</em> understand it.</p>
<p>Hsmamainva, the problem with the guarantee of 100% of need filled, is the definition of need. I know a number of families disgruntled with what some of these schools and FAFSA and Profile come up with as "need". It is need by their definition. I do believe that Princeton is about as safe of a school that exists to take the chance that they will give you a generous package. However, in some countries, and in a*family of your income level, some of the required student contributions, work contributions may be ornerous. Many schools even with the 100% of need want the student to work over the summer and make a certain amount of money--easy for most US students who live at home and waitress, tutor, and work at some min wage job. But in countries where the wages are rock bottom, and paid work is scarce, that can be an issue. And if you do pull out of ED for financial reasons, you can be penalized without ever knowing you are. Schools often do not move very quickly on things, and if you are on the ED accept list, you can be dropped from consideration from other schools by the time you negotiate a release from the commitment. And these schools are at the peak of admissions when you are trying to communicate this release. In the few cases that I know where the student asked for this release, it was really a long, difficult process. And those kids were not asking for release for financial reasons but for catastrophic issues that hit the family. You know that there is a risk that exists in applying ED when you need money. In my book, if you take th</p>
<p>Our son got into Princeton ED as an international student. The family contribution they expect us to pay is LESS than the EFC computed by FAFSA. They cover 100% of need, no loans.</p>
<p>I think, for somebody from a family making $20000/year the family contribution will be 1 ot 2 thousand... or maybe zero. :)</p>
<p>Sorry, Hsmommainva, I mistook you for Trinya. Your student is not international. Still, much of what I say holds. I believe if you do a search for a CC poster, nan, you will find some comprehensive advice on applying ED when you need financial aid. Being conservative and risk adverse, I just would not do it. But if you are very careful in proceding, go though the steps, nan outlines, it does reduce the risk to a point where you may well consider it. </p>
<p>Congrats to son, Marmat. That is quite an accomplishment to get into Princeton, and I am glad that it worked out for you. You are right in that the very top schools tend to be more generous in aid, so that the risk is less. The whole idea is to be well aware of the situation and risks before making the decision.I have known a number of families who have decided to have their student go ED to a selective school, even though they fully knew they could end up with a family contribution well beyond the comfort level. They were fully prepared to suck it up if it came to that. That is one thing, but to sail into binding ED fully believing that it's going to be a breeze is not realistic. Sybbie's posts on financial aid packages illustrate some "full rides". Some are not as full as you would expect. Awareness of the risks is the key here.</p>
<p>So depending on how large your windfall is the student may have to pay taxes on it, then they have to work to pay off the txes, the money from the job then reduces the EFC the next year... it's enough to make your head spin.</p>
<p>I think Sybbie has some of the most specific examples and best advice on financial aid packages, even from the top schools. If all goes well, everyone is happy, and life is good is this regard. But there is that risk, and if you want to take it, you should be prepared to deal with it. As I have said before, I know many families who have taken the ED risk, ended up with much less than they expected, but swallowed that pill and sacrificed. They had made up their minds that they would do. I just don't like to see folks all upset about their award when they should have known this could have happened. Taking an informed risk is own thing, dealing with it by wishfully hoping is another.</p>