<p>I have searched on this, but "ED" is not a good term to search on. So here is my question - what happens if you get in to school ED and you don't like the package you get?</p>
<p>In answer to your question all Common Application schools have a provision that you can be released without penalty from an ED binding agreement when the financial aid package you are given is insufficient to reasonably permit your attendance based upon the the COA and your EFC. Whether the difference is “reasonable” is what is reasonaable to the admitted student not the college or university.</p>
<p>You’re not obligated to attend.</p>
<p>But, if you’re not confident about the aid you’ll likely get (based on real data not wishful thinking), then don’t apply ED.</p>
<p>If you do apply ED, don’t wait until after to apply to back up schools. That is often too late to be considered for scholarships at other schools (those often have Nov or Dec deadlines).</p>
<p>Too many kids are posting in January that they can’t afford their ED schools because their EFC isn’t affordable, but then it’s too late to apply to the schools that can help reduce their EFC thru huge merit.</p>
<p>thanks much. My feeling is that I will not like my S package because my finances are a little tricky to interpret. (1) can I appeal the package w/ an explanation? (2) I assume if you release yourself from ED this way, you are out and cannot be reconsidered RD.</p>
<p>Jonkras, yes to both questions. You can appeal. If you are released from ED due to insufficient funds you can’t go RD - no second bite at the apple.</p>
<p>So to a certain degree this is a gamble, based on the following:</p>
<p>(1) You have a better chance of getting in to any school ED
(2) If you don’t like the fin aid, you can get released from ED
(3) but then you are left with RD schools, and the chances of getting in RD are lower, so you might have to go to a safety school. Is that correct?</p>
<p>Also, I assume when you are talking about the scholarships w/N & D deadlines above, you are talking about mid-level schools that want high achieving students and will give them merit aid? For instance, I have a friend whose S got into Emory, USC and Tulane honors. They are pretty well off, but the S had 2210 SAT (I’m sure the rest was good too), and Tulane took something like $25K off the tuition.</p>
<p>Yes to your points. High stats do tend to get some merit aid at schools that offer it (Ivies and other highly selective schools don’t).</p>
<p>I would look at schools that have EA as an option to get an early admittance. And target schools with good merit aid for some scholarships.<br>
<a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/848226-important-links-automatic-guaranteed-merit-scholarships.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/848226-important-links-automatic-guaranteed-merit-scholarships.html</a></p>
<p><a href=“2”>quote</a> If you don’t like the fin aid, you can get released from ED
(3) but then you are left with RD schools, and the chances of getting in RD are lower, so you might have to go to a safety school. Is that correct?
[/quote]
</p>
<p>Remember, if you get accepted ED, you will need to make a decision on the FA package not knowing how good that offer is compared to what other schools might offer. It might be the best offer you’ll get, but you won’t know that. It might be a lousy offer compared to what other schools will give you, but you won’t know that either.</p>
<p>If your financials are tricky, ED is a bad idea. You are unlikely to get much more on appeal. If your child is a 4.0/2350 student applying to ivies very generous with aid, maybe EA/ED is workable. Wouldn’t suggest it anywhere else.</p>
<p>ED should be attempted only at your by-far number one favorite (your dream school) when your only question is “Can I afford it?” If you can’t, you (sadly) decline the offer and apply RD elsewhere. In this situation the pro is that it likely improves your chance of acceptance at least slightly, with no con.</p>
<p>Why/how does it improve RD chances? Is there a resource I can show my FAFSA to and see predict what the outcome of any appeal would be?</p>
<p>I have tricky finances, and I would never allowed my children to apply ED unless it was non-binding EA. I think it makes little difference for admissions for match colleges. I also think it may hurt for reach colleges.</p>
<p>jonkras, sorry, I wrote that ambiguously; it should have been:</p>
<p>In this situation the pro is that ED likely improves your chance of acceptance at least slightly, with no con.</p>
<p>GTalum, why does ED or EA matter? In both cases if the FA offer is insufficient, it is declined; neither is binding re FA.</p>
<p>Since there is risk involved w/ED & fin aid, is it possible to approach the fin aid office at a school and say " my S is thinking of applying to your school ED, but I would like to get a pre-read on my fin aid situation, so we don’t waste your time and mine."</p>
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<p>Only in that you are asked to withdraw all your other applications which may be before you know the financial aid offer.</p>
<p>ETA: If my child had a clear #1 choice I would do as vonlost suggests.</p>
<p>Here is the reality of the situation: if you are accepted ED, you are asked to withdraw your applications. Your name is circulated on an ED list and if you have apps at those schools, they will drop you from consideration even if you do not withdraw. You will get a financial aid estimate based on the *#s you give the school; estimates only because the year is not yet over and all the *#s may not be available yet. If the package is truly not doable, you tell the school. They will try to work out something with you, but bear in mind, the timing of this. You are getting into the holiday season, and it’s a very busy time. If you cannot come into any agreement, you ask to be released from the ED commitment. You probably should have your counselor let those schools that are particularly sensitive to these things know that you are released from the commitment because it has happened that schools get the list and drop kids in that situation. </p>
<p>You now have your other schools that hopefully will give you more money. You may find out that the ED offer was your best. Schools do work to make the ED happen. It is not an easy thing to have to deal with a college on financial aid in December when you have no idea what other kinds of deals you are going to have. I have seen famiies very upset because that was their best deal and others because they settled on a package only come to find from other kids that there mind have been merit awards and other opportunities, had they not gone ED. </p>
<p>Most kids don’t need this headache. If you want or need financial aid, it is not in your best interest to go ED because you don’t know where you stand in the fin aid/merit market, and you won’t ever know unless you have competing offers. If a package is totally undoable, it 's one thing, but if it’s doable, barely, and with pain and you get doubts as to whether that school is worth it, you really find yourself at a disadvantage in terms of knowing where you are in the admissions/aid game.</p>
<p>I’ve just known too many families who have undergone a lot of headache with ED and fin aid.</p>
<p>“Only in that you are asked to withdraw all your other applications which may be before you know the financial aid offer.”</p>
<p>It’s actually after you accept the financial aid offer that you need to withdraw other apps. You’ll typically be given a few weeks to a month to decide if the ED FA offer is sufficient.</p>
<p>“Since there is risk involved w/ED & fin aid…”</p>
<p>What risk do you mean?</p>
<p>“Your name is circulated on an ED list and if you have apps at those schools, they will drop you from consideration even if you do not withdraw.”</p>
<p>If true and not an urban legend, this would be after the allotted decision time has passed. Schools are reasonable and not vindictive!</p>
<p>Again, ED is appropriate only when you have no interest in comparing FA packages, when you have your heart set on one school and just want to know if you can afford it.</p>
<p>We were in a similar position last year with my son. He wanted to apply ED to a real good private but we needed some significant help with fin aid to be possible for him to attend if accepted. We contacted the school and they did indicate he could get out of the agreement if finances prevented him from attending but that seemed risky to me. I convinced him to apply RD instead and apply EA to our instate which was both a financial and academic safety.</p>
<p>Unfortunately, he inadvertently checked the wrong box on the CA supplement and didn’t get his application reviewed under EA. They did have rolling admissions and he still did receive an acceptance and fin aid package in early February. He also applied to a few other top privates which he was wait listed on. He ended up getting accepted to his first choice private and the fin aid package was pretty good allowing him to attend.</p>
<p>Soon after, he received a call from one of his wait list schools with a much better fin aid package. He ended up changing his mind about his first choice. The bottom line is he would have never known about the other offer if he would have went with his first option of applying to the first school ED. He was in a much better position choosing from three schools and their respective fin aid packages as opposed to only one.</p>
<p>Yes, you can ask for a pre read.</p>
<p>If your family has a set figure they know they can afford and you and they are prepared to make that decision when the package arrives, it could work. Usually what families and kids like to do is to have some choices in hand and weight what is worth which price and what is the better deal. This is what you give up with ED. </p>
<p>I’ve seen parents go out on the financial limb for an ED acceptance, since everything is focused on the acceptance. Then in April when others are getting packages and the novelty and pressure of getting into a “dream” college is over, the realization comes that maybe this was not the best way to go. Though my kids never went ED, I can tell you that as a parent who so wants to give her child a dream college, I don’t think I would have the discipline to stand the line unless the package were truly undoable. I’d stretch pretty far, probably too far to make it happen. Certainly a lot farther than if there were 2-3 offers in hand that were affordable and comparable in terms of schools. </p>
<p>My friend’s daughter was so on F&M as her dream school. Every sign in the world pointed to it as the perfect choice. She was devastated do be deferred. Come spring, she had acceptances to a number of such schools with a $20K merit award to one. She took a second look and chose it over F&^M , which did accept her RD but with no money. That she was not accepted ED, saved the family $80K, which is a significant amount of money to me. The mom, my friend,freely admits they got caught up in this ED frenzy and at the time the ED app went out, they thought it would be worth full price for her to get in there.</p>