<p>My first choice college is 40k. That's a lot. But it remains my first choice. I really want to apply and have a really great shot at money, like the ED kids do. But what if I get in and can't pay 40k? What happens then?</p>
<p>There have been several threads discussing this in the past; if you search for them, you should get lots of information.</p>
<p><a href="http://talk.collegeconfidential.com/showthread.php?t=91730%5B/url%5D">http://talk.collegeconfidential.com/showthread.php?t=91730</a>
<a href="http://talk.collegeconfidential.com/showthread.php?t=94854%5B/url%5D">http://talk.collegeconfidential.com/showthread.php?t=94854</a></p>
<p>Ultimately, can they force you to take out several loans to pay off your tuition? No. However, it is expected that you apply to ED knowing full well what the tuition is, and have the resources to pay it (be it savings, loans, etc.)</p>
<p>Why would you apply to ED if you know you can't afford it. That is the most stupid thing I've ever heard.</p>
<p>If a college says they'll meet your full need, they'll meet your full need. In other words, they'll make it financially poossible for you to attend that college. But their definition of "meeting your need" may be giving you just enough money in loans and work-study that your family has to tone down their lifestyle just to pay.</p>
<p>Rememebr that ED is actually a legally binding contract. The general advice is, if you're worried about financial aid, don't apply ED. It doesn't matter how much ED boosts your chances if you can't go no matter what anyway.</p>
<p><em>bangs head on computer keyboard</em> Gahhhh!!!! Don't apply ED if you're not willing to pay full price. It's too risky, you don't want to gamble that you'll have to go to your state school when you could have gone to somewhere you really wanted to (a lot of times you are only allowed out of the agree ment if you agree to go to a local state school) :mad:</p>
<p>I think the mods made this a Featured Discussion after reading lil_killer129's brilliantly eloquent comment.</p>
<p>(seriously though, lil_killer129 is right...)</p>
<p>It's weird (not lil_killer129's comment; I do agree with it) because so many people have asked about this, and other people have said over and over "Do not apply ED if money is an issue for your family." The message doesn't seem to get through though.</p>
<p>If you look at Cornell's ED numbers from last year, you'll see that 13 out of the 1067 people who got in ED didn't actually matriculate. It is possible to get out of the ED contract (I'm presuming most of the 13 are not here because of money or related issues), but very few people do.
<a href="http://dpb.cornell.edu/irp/pdf/FactBook/Admissions/Undergraduate/profile.pdf%5B/url%5D">http://dpb.cornell.edu/irp/pdf/FactBook/Admissions/Undergraduate/profile.pdf</a></p>
<p>(I only mention Cornell because those were the stats readily available to me...)</p>
<p>Duke's policy is that you may only be released from your ED obligation because of financial reasons (it's posted on their website). So there you go. Look on that college's website to see if you have a policy regarding that.</p>
<p>This whole system is so unfair.</p>
<p>I want to apply ED to a school I absolutely love, adore, and respect. However, my dad and mom separated and he has refused to help financially in any shape or form. My mother never went to college in Korea, she never even got a high school diploma. She's worked as a nail salon person and is a home health aide. </p>
<p>My GC said that if they don't give you enough financial aid, I can withdraw my application. I trust her but your comments really hit a nerve with me. They promised to pay for 100 percent need but they are the ones who decide how much I need. They say they are need blind but I think if they realize how much money I will need they will reject me. I am not a phenomonal student GPA wise or probably SAT wise either. </p>
<p>But I am confident in the success and accomplishments I have made in my life and believe in myself enough to apply to a great school. So yeah, I'm stuck in a rut. Le sigh.</p>
<p>The thing is, when they say they'll meet "100% need," that means a combination of aid money/scholarships (that you don't have to pay back), as well as loans and work study. Many people are reluctant to take out thousands of dollars in loans, but that's a part of your aid package. </p>
<p>You can get out of ED for financial reasons, but it can be a bit hard to prove that you can't afford it.</p>
<p>they cant force you to go if you cant pay it</p>
<p>i've decided against ED. <em>applause</em> but its quite ironic how the people who are ready to pay have a better shot at the merit/financial aid...</p>
<p>Haha, DoveofPeace changed that post...no fair.</p>
<p>I haven't heard much about colleges giving scholarships only to those who apply early. Is the college in question one that offers merit scholarships? If so, I would doubt that they give "more money" to early applicants, since the whole process is supposed to be need-blind anyway. Are you getting this information from a valid source, ie, the college's website or a rep from the college...or is it just a rumor that you've heard?</p>
<p>Another comment...
Why would a college offer merit aid (or much of it) to a student who has already committed to attending by applying ED? You have a better chance at scholarships if you apply regular decision...</p>
<p>immajap88,
I'll tell you what you do. You don't apply ED. You apply RD. Then when you get no money, you move on to a more generous college or to a financial safety. It happened to us, and I am SOOO glad that we were not committed to pay for a school we could not afford.</p>
<p>
[quote]
They promised to pay for 100 percent need but they are the ones who decide how much I need.
[/quote]
This is not a total shot in the dark. Anyone worried about the the financial aspect of applying ED I'd suggest these 5 steps.
1) Find an online EFC estimator to get a pretty good estimate of how much schools will expect you and your family to pay ... it won't be exact but it will likely be in the ballpark.
2) Research the school in which you are interested and see what % of need they typically fill. If a school typically fills less than 100% of need than your family is on the hook for the gap.
3) Research the school in which you are interested and see the typical breakdown of aid packages ... some schools expect a much heavier loan load than other school. There is a lot of variance from student to student but for ED purposes I'd assume I was getting the heavy end of the loan offers from this school.
4) You and your parents read the other threads on CC about ED and the financial deal ... there are lots of experienced and knowledgeable people who have shared their thoughts in those threads.
5) Pow wow with the parents ... with this EFC, gap, and loan load ... is this ED school in the hunt or not.
Why these 5 steps? If you're applying ED you're saying you have a go on step #5 above ... that you know the likely financial situation and you are OK with it.</p>
<p>Many of the schools that have an ED policy are quite generous with financial aid, i.e. Princeton. However, I think ED is a bad policy that skews the applicants toward the upper end of the socio-economic scale.</p>
<p>I do not see how the ED agreement can be a "binding contract" because it leaves a significant term of the agreement, i.e. the actual cost, out of the agreement. I am much more comfortable with the SCEA policy because then the students can compare financial aid packages.</p>
<p>Finally, a few have you have touched upon one of my pet peeves, the term 100% of financial need. Many schools claim to provide for 100% of financial need. However, the financial aid offers are often quite different from 2 schools that make that claim. I don't mind the claim, I would just like to understand better how it is defined. And I would like it defined consistently across all schools.</p>
<p>My S wanted to apply ED to Columbia last year. They said they were 100% need. Before he sent in his app, he, his dad (my ex-spouse) and I sat down and came up with a realistic MAXIMUM that we could afford as "EFC"-including loans (student and PLUS), work-study, payment plans, etc. I then called Columbia's FA Office and spoke with a FA officer, whom I gave a rundown of our financial situation, then gave the max figure we came up with, and I was assured S would get enough in aid to leave us with no more than that figure to pay. She also said that if he was accepted and needed more FA, that they were open to working with us on this. He applied ED and was accepted with a good FA package (mostly grants) and the EFC was about $2000 lower that our "max" amount. In the meantime he was lucky enough to also win 3 smallish and one very large outside scholarship, which helped defray expenses even more. This worked out for us, (and we are neither wealthy nor dirt-poor) but with a lot of pre-planning. By the way, Columbia's ED acceptance rate last year was @20%, whereas the RD acceptence rate was @8%.</p>
<p>"I do not see how the ED agreement can be a 'binding contract' because it leaves a significant term of the agreement, i.e. the actual cost, out of the agreement."</p>
<p>Well no, it doesn't. It is assumed that you can and will pay up to the full cost, or you wouldn't have applied ED. You know the actual cost of the school, and so the contract is for an amount not to exceed that actual cost. Perfectly legal.</p>