<p>So I'd LOVE to apply ED to Penn, but I'm terrified that they will ask for more money than my family is willing to pay, and I'll be obligated to pay that much. My family makes too much to be considered for much aid (like $150,000+) but I have three siblings and my parents don't want to go broke paying for college.</p>
<p>Help? Similar situations?</p>
<p>My advice to you: Think very carefully before you apply ED.</p>
<p>Early Decision is binding. If you get in, then you are expected to attend. The only situation where one can back out of that contract is where the financial aid is obviously not enough. Seeing as your parents make a good amount, then your EFC (expected family contribution) will probably be pretty high. They will take into account the three other children, but probably not as heavily into account as you would like. Penn will offer you what they think to be a fair amount given your total income, but it may not be as high as you actually need. If you try to back out, while Penn feels they have given you decent aid, then things will get awkward.</p>
<p>For most applicants that are not sure of whether they could pay full or most of the tuition, ED is not always the best option. If you apply RD, you have a chance to compare financial aid offers and go through a good college with the least burden to your parents. I would heavily consider RD, I’ve looked at your chance thread, and you look like you have a fairly good chance RD anyway.</p>
<p>However, if your heart is set on ED, you must discuss it with your parents. A good idea also would be to run your income through one of the EFC calculators to get a really rough estimate of what you might be paying. Another good idea would be to call up one of the financial aid advisers with any concerns.</p>
<p>Thank you for this in-depth reply! I really do have my heart set on Penn, but I will reconsider applying RD for sure.</p>