<p>In the case of schools that offer only need-based financial aid, there's no reason to think the aid award would differ between ED and RD. They have their own formula for calculating need, but they don't use a different formula on students who apply ED. Merit aid can be a very different animal. I don't have experience with merit aid schools personally, but it stands to reason that merit aid might well be better for RD. For one thing, merit aid is often used as an incentive to induce talented students to choose their school. Since ED is binding, no inducement is necessary. I don't know whether Vandy is need-based, merit-based, or a combination of both.</p>
<p>Where did you come up with the $3500 EFC? If it's from an estimate calculator using the FAFSA formula, it might be different from the EFC Vandy would calculate using their own formula. (Home equity and non-custodial parent income and assets could factor in to make it higher than the federal formula.)</p>
<p>The other question you want to have some idea about, is when Vandy says they meet 100% of need, how much of that is in the form of loans? Ideally you would want a financial aid package that is heavy on grant aid, and light on loans, but sometimes it's hard to know what it will be until after you have the tentative aid award in hand. Some schools, though, will be open about how much of the package is likely to be in loans and workstudy. See what you can find out about that with regard to Vandy.</p>
<p>I am a lowish-middle income parent, and last year did much research on ED and financial aid. In the end we did feel comfortable about our son applying ED to a very generous school, and he did and was supported by the school to the degree we expected. So, if you do your homework, and your family's finances are simple (no investment assets, 2nd properties, etc.) then you might be able to get a pretty clear picture of what you'd likely see from Vandy as far as need-based aid goes.</p>
<p>Like I said, though, merit aid is a much more mysterious matter in most cases... or so I've heard/read.</p>
<p>Plus, you can get out of an ED agreement if you can't afford the school based on the award they give you. Some people claim that's difficult, some claim it's not difficult at all. I'll leave that to you to sort through, but beware of people who make claims without direct knowledge. I heard all kinds of alarming things about how they won't let you out unless <em>they</em> think the award is insufficient, or how you'll be punished in subsequent applications to other schools. I haven't known anyone who <em>sincerely</em> could not afford an offer, and who told the ED school promptly (as in, they didn't hold off to compare offers from RD schools before telling the ED school) who has had any problem getting out of an ED agreement. In fact there was a thread here asking for tales of shackled students being coerced into ED schools they couldn't afford, or students punished by other schools they applied to later after finding they couldn't afford the ED school's offer... and there really wasn't much luck in coming up with actual experiences like that. So, I think if you are honest and sincere, you're not acting opportunistically, and you tell the ED school right away, you would have no problem getting out of a financially unworkable ED acceptance.</p>