ED effect on financial aid?

I am seriously thinking about applying ED2 to NEU because I am confident it is my #1 choice. I am already competitive for RD admission, (3.9UW and 1520SAT, fine extracurriculars&recs&essay) but since I have my heart set on the school so much, I would really appreciate the extra boost from ED. Also, there are a lot of other really competitive applicants from my high school this year that I am afraid my chances are lower than average anyways.
I am just wondering from anyone who might have applied and been admitted ED if you think the financial aid is significantly less than if you were admitted RD, since Northeastern does not “promise” to meet need-based expectations, I guess.
This isn’t asking about merit scholarships, since obviously those are probably non-existent if you apply ED, but need-based aid specifically.
I’m also applying as a chemical Eng major, so I expect coop opportunities to take a chunk out of my tuition.
I’m just super nervous over the whole application process at this point, it’s getting close to the deadlines and I don’t know what to do. Applying ED and setting myself up for like 60%+ chance of admission would definitely relieve some anxiety, but if it makes it significantly less affordable to the point I would have to decline the offer anyways, that would just be backfire.

Btw,
I tried out the net price calculator online, but it was a bit confusing for students with divorced parents so I don’t know how accurate my results really were. It came out kinda steep, but still (barely) affordable considering most of my loans can presumably be paid off with coop positions.

Northeastern does meet full need as they calculate it.

A rule of thumb is that coop earnings will cover living expenses while on coop and some left over for spending money when you return to class.

??? Uh, no.

Remember while ED is binding if it is unaffordable you will be released from the ED agreement. With your stats you would likely receive some merit aid. Are you an NMF finalist? If an NMF finalist the merit is up to $30,000/year.

But with your stats if you apply EA they may feel that you are using them a s a safety and defer you. Applying ED tells them of course that NU is your first choice. It is a bit of a dilemma.

Sorry, I didn’t mean completely pay off loans… but any savings money I could get in those 6 or so months I would put towards loan payment. Especially with an engineering coop I think I could make a little bit of a dent, no?
I’m a senior now, so EA deadline is already passed. It’s either ED2 or RD, and I’m a bit weary of applying RD. I miiiiiight qualify for merit RD, but I’m not really sure and I heard financial aid and merit don’t usually stack so I probably wouldn’t. I think if I apply ED2 my chance of getting in is much higher, I hope it’s just affordable.
I’m leaning towards ED2.

For engineering, I think a safe assumption of co-op pay for engineering (average over 3 co-ops) is $25 an hour, which works out to 25K before taxes. After tax, that’s 18K. Assuming you spend 1.25K on rent/utilities per month (a bit over the lowest price for on-campus housing, close to some of the cheaper off-campus housing), you’re down to 10.5K. A bit under .5K for a T pass for 6 months, rounding down to 10K. Even with minimal spending on food, you’re still looking at 7.5K at most, and that doesn’t consider any other expenses. So even in that scenario, you’re looking at 22.5K max over all years, which is just over 5K per academic year. Not insignificant but not a huge chunk.

That doesn’t consider the possibility you change out of engineering though. Some majors like bio/chemistry tend to have lower pay for various reasons and all of that 22.5K surplus could be nonexistent. So it’s not a good idea to rely on that for financial purposes, only consider it a nice possible bonus. With any financial planning, always err on the conservative side.

I would say that applying ED2 sounds like the best plan, just make sure the package is affordable and don’t be afraid to back out when it isn’t - that is allowed. Good luck with both getting in and with FA!

@PengsPhils I emailed my admissions counselor and asked about backing out ed for financial reasons. She said that if you even need to apply for financial aid to be able to attend then we is not a good option.

Don’t worry about ED vs RD aid. There won’t be a difference. Since your parents are divorced and you need aid, you can’t rely on the calculator. So ED is going to be risky. You can turn down the offer if it isn’t enough, but that is pretty unpleasant to have to do. If you can mentally prepare for that and it is your first choice, then go ahead. I’m kind of appalled by the admissions officer’s comment. Finances are the one reason you can legitimately back out of ED, and it is wrong for her to discourage ED as long as you are prepared for that risk.

But… you need affordable RD schools on your list. Schools where you will get enough merit so even if need based doesn’t come through, you can afford it.

@St678557 If the admissions counselor said that it was totally inappropriate.

Yeah I would have gone ed1 but i didn’t because of what my counselor said. @TomSrOfBoston

@St678557 On one of these threads a student accepted ED I reported that he received a $20,000/years merit scholarship. That disproves the claim that ED applicants do not receive any aid.

I know that they do receive aid. It’s more just like i might not get enough of it to be able to attend. I think the admissions counselor said what they said to protect Ed yield because she said you aren’t aloud to get out of ed for financial reasons. Even though i may not like my financial aid package, i would still have to attend. @TomSrOfBoston

@St678557

That is not how ED works at Northeastern or any college. If the aid offer is insufficient you will be released from the ED agreement. If they feel that their offer of aid may not be sufficient, e.g. you have an EFC of zero, you would be deferred to RD. You or that counselor are very mistaken.

Who decides what is considered insufficient financial aid? @TomSrOfBoston

we were afraid applying ED without applying for financial aid may affect merit consideration - but received a 14K / yr merit scholarship