early decision isn't REALLY binding, now is it?

<p>arophobic - the first thing you should do is go to one of the financial aid calculators -- they have them here on cc, they have them at the collegeboard site. enter your family's numbers, and it will give you some idea of what the colleges are likely to think you and your parents are able to pay. you may well be surprised as to how much these calculators think your family can afford. (i've seen two versions of the calculators - one uses the standards of the FAFSA, the other the PROFILE standards - colleges may use either or both to determine need - FAFSA is necessary if any federal money is involved - I believe - and they can produce very different numbers).</p>

<p>once you have this information you can make an intellgent decision as to whether a college meeting your "full need" will REALLY be meeting your family's need.</p>

<p>some colleges may end up being more generous than these calculators show, some less generous, but it will at least give you an idea how college financial aid offices are likely to view your family situation.</p>

<p>Saying you are "low income" and that Princeton is supposed to meet your "full need" means nothing unless you know how "full need" gets defined.</p>

<p>The EFC on this site was a lot lower than the one calculated for me by Princeton. However, I am able to accept both of them as Princeton calculated no loan(or least very very little from what I've heard)</p>

<p>Also, how true is this statement made by Sparticus in the Cornell forum:
"
no. Think about this logically:</p>

<p>You need $20,000 FA (assume you'd get it if you applied RD and were accepted)</p>

<p>You get accepted ED, and Cornell gives you $12,000 FA.</p>

<p>Scenario #1: You don't matriculate-you have this option, ED, if you really can't afford it; Cornell's yield goes down; Cornell's rankings go down.</p>

<p>Scenario #2: You matriculate. Your family is trying to find $8,000 somehow. You work mad hours at a campus job, and your family is overstressed and stuff because of the finances. You drop out after 1st semester or freshman year, and go to a State College for mad cheap. Cornell's freshman retention rate goes down. Cornell's rankings go down.</p>

<p>It's in both your best interest and cornell's best interest for you to get enough FA. Alot of people I've talked to said they got MORE than they expected ED. The general concensus is not to worry about your FA ED versus RD."</p>

<p>Have you tried using College Confidential's search function to check out the financial aid packages of accepted students at Cornell?</p>

<p>Have you tried using College Confidential's search function to check out the financial aid packages of accepted students at Cornell?</p>

<p>"You get accepted ED, and Cornell gives you $12,000 FA.</p>

<p>Scenario #1: You don't matriculate-you have this option, ED, if you really can't afford it; Cornell's yield goes down; Cornell's rankings go down."</p>

<p>I doubt that losing one accepted ED student would cause Cornell's adcoms to panic about their yield rate.</p>

<p>And how about this scenario:</p>

<p>You put 100% effort into applying ED and then learn near Christmas that you're deferred or rejected. You are depressed, have senioritis and are preoccupied wtih fun plans for t the upcoming holiday break. Your GC is very busy handling applications for students who had gotten the paperwork in early. Teachers also are busy preparing for the break, and they are not enthusiastic about writing more recommendations for you. Plus, you're very embarassed about your deferral.</p>

<p>As a result, you find it impossible to get your act together to apply elsewhere. Come April, you're rejected or get a substandard package that Cornell won't change because a higher than expected number of students have indicated they'll be enrolling as freshmen.</p>

<p>You head to your local community college.</p>

<p>"The EFC on this site was a lot lower than the one calculated for me by Princeton. However, I am able to accept both of them as Princeton calculated no loan(or least very very little from what I've heard)"</p>

<p>Agrophobic -- but wait a minute -- if Princeton calculated your expected family contribution as higher -- the issue isn't whether Princeton says its aid will include loans. The issue is can your family in fact come up with what Princeton is saying is your EFC. If it can - great!! If not, you may have to take out loans to cover what your family can't, even though Princeton says its calculations show you don't need loans (ie if you really need more than Princeton thinks you need) - or at least you'd need to figure out how you will come up with all the money they say is your EFC whether through loans or whatever other means you can.</p>

<p>If after doing all this investigating, you truly believe that you will get the aid you need to be able to afford to attend - fabulous - you are in a position to decide whether ED makes sense for you. The important thing is to just have a really good understanding of what the financial implications are.</p>

<p>If you applied EA or ED, you can still apply regular decision to other schools, right? So what if I apply EA somewhere, also send in paperwork for other colleges that are alternative. If I'm rejected at EA, ok I have applied to others. If I'm not, then I rescend all other applications. Does that work?</p>

<p>
[quote]
If you applied EA or ED, you can still apply regular decision to other schools, right? So what if I apply EA somewhere, also send in paperwork for other colleges that are alternative. If I'm rejected at EA, ok I have applied to others. If I'm not, then I rescend all other applications. Does that work?

[/quote]

EA is non-binding, ED is binding. If you are accepted ED, then you would have to rescind all other applications. If you are accepted EA, you can still wait to hear back from the RD schools before deciding.</p>

<p>Eagle79, do you remember where you saw those studies?</p>

<p>natruallyjojo,</p>

<p>I have not seen the studies but I know that there is a wel researched book on the subject. Its called:</p>

<p>The Early Admissions Game: Joining the Elite
by Christopher Avery</p>

<p>To sum up what the book and data show that an EA application boosts SAT scores by 100 points and ED boosts SAT scores by 150 points.</p>

<p>Our GC said that schools notify one another of the EDs they've accepted. He says that the other schools often send letters to the student, noting that in light of their ED acceptance, they're withdrawing the student's application from their files (or something to that effect).
ED should only be used when you're SURE you'll go if accepted.</p>

<p>can you not just take out a loan to finance your 4 yrs, if you are willing to do this?!?!?!</p>

<p>Gulliver,</p>

<p>Of course you can . . . but you have to ask yourself whether that would be the best course of action. Why would you want to increase your debt as part of the package, particularly if another school is giving you a better offer. Alternatively, why not borrow for graduate or law school instead.</p>

<p>Now, back to the original topic. Naturallyjojo, EA is non-binding so you can compare financial aid packages. 3 schools are Single Choice Early Action, meaning that you can only apply to them if you are applying early. Most schools, i.e. U of Chicago, MIT, Georgetown, ND, Boston College are open EA. You cna apply to as many open EA schools as you want at the same time . . . though the schools do frown on it a bit.</p>

<p>Gulliver you are limited to the amount of loans you can take out as an undergrad.</p>

<p>The limit on a subsidized stafford is 2625.
If you are eligible for a perkings loan max is $4000 (college determines)</p>

<p>If your parents are not credit worthy (then you can borrow an addtional $4000). If they are creidt worthy then they have to agree to sign for the loan. You could be on the hook if parents are not willing to borrow or the amount you need to come up with is more than the amount you can borrow</p>

<p>If you are accepted early ACTION somewhere, you can still apply regular decision other places, and compare financial packages right?</p>

<p>
[quote]
If you are accepted early ACTION somewhere, you can still apply regular decision other places, and compare financial packages right?

[/quote]

Yes, that's right.</p>

<p>I am a few days late, but some people disagreed that this could be a real contract because one of the parties did not know the terms - the student did not know how much money he or she would get. I argued, correctly, that it WAS a real contract, because:</p>

<p>"It is assumed that you can and will pay up to the full cost, or you wouldn't have applied ED."</p>

<p>Claysoul and others came back and said AGAIN that the student doesn't know how much he'll get, so I am supposedly wrong!</p>

<p>Please REREAD what I wrote. I said that it is assumed that you can pay UP TO --- repeat, ***** UP TO**** --- the full cost or you would not have applied!</p>

<p>For example, I have a contract with my home heating oil company that says I will pay a fixed price of UP TO $2.29 a gallon. I CANNOT COMPLAIN if in fact the price is $2.29. Sure, I HOPE it is lower - but I SIGNED THE CONTRACT.</p>

<p>So DO NOT SIGN if you are dependent on knowing exactly what aid you will get.</p>

<p>Wow! Looks like $2.29 / gallon this year was a great move. :)</p>

<p>1sokkermom: we got that price last June. None of our friends signed because they said they were sure the "capped price" would be lower by September!</p>

<p>I just checked. We were lucky to get locked in at $2.02. They are predicting that the prices may average $2.50-$ 3.00 /gallon this winter.
Many of our skeptical friends opted not to sign this year too.</p>