<p>If you are applying early decision to a college, are your chances of getting a scholarship/financial aid decreased?</p>
<p>I think most colleges say that the financial aid package will be the same. However, by applying early decision, you give up the chance to compare offers from several schools. Also, if you have applied to several colleges and received different aid packages, you can bargain a little, as in calling up top choice w/ worse fin. aid to say "_______________ college offered me $_______. I really like your school much better, but it is not affordable. Is there any way my aid could increase?" I didn't do this, so I don't know exactly how it works, but I am told it is perfectly acceptable.</p>
<p>You can never tell exactly what the aid package will be in advance. I only applied RD because financial aid was extremely important for me. I also applied only to schools that meet full demonstrated need. The aid packages varied by about $10,000, based on direct costs - grant aid. Some colleges include more in the expenses when calculating your need (a range of just tuition and room and board, and including travel, books, supplies, and personal expenses.) Some will meet most of your need with loans/work study, while others will give only grants. Basically, I don't know if ED will reduce your aid, but applying to only one school limits your options, both financially and otherwise.</p>
<p>Your financial aid should be similar to other students at that college, but it can't be guaranteed to be as good as other colleges (although it should be in the same range and may still be better). Most scholarships, however, are given away in the RD round to lure away students from other schools.</p>
<p>You should also be aware that if you are accepted at a school with binding early decision you are committed to attending that school, even if you do not feel they meet your financial need.</p>
<p>Some schools will release you from your ED agreement if it is clear the school's package does not meet your needs. I think this is the case with most schools, but it is only told if you ask specifically. However, most schools may not include your schools and your definition of need may not match what your school's definition of need is. Also, just because they release doesn't mean that getting released is easy, or that by the time you get your ED fin aid package, there is still enough time to apply to other schools that you like.</p>
<p>Personally, it's unreasonable for me to believe that ED packages are equal to RD packages. Colleges have no incentive to give strong fin aid packages to students who they know are coming anyway. For schools with a need-blind, guarantee to meet 100% of your need policy, it might be rare to get a package that just doesn't meet your need or gaps it, but it certainly wouldn't be a shock to not get lots and lots of scholarships either. If fin aid is a question at all, RD is the way to go.</p>
<p>That said, though, if you are very very very low-income and would likely get a full ride if admitted into a top-notch, need-blind, meet 100%-of-need college, ED is theoretically a good idea. This is a route I never considered. Only after I had sent out RD applications did a guidance counselor suggest this to me, and by then I was too lazy and was stuck in RD mindset. Although I'm not sure I would have done ED even if I had managed to do the research of reputation, overnight, was sure it was my first choice - just because finances would have worried me so much...</p>
<p>I believe there is an agreement between many of the top tier schools; if you back out of your ED commitment to one, you will not be offered a place at the others.</p>