<p>OK, so I've been procrastinating. I sent in my application one day before the Nov 1 ED deadline. They sent in my financial aid forms on Nov 4 or somewhere around that time. However, it says the financial aid deadline was Nov 1. It's now Nov 23, admissions decisions come on Dec 15. What if I'm accepted? Am I basically stuck with no way of paying?</p>
<p><em>bump</em> This is really urgent...</p>
<p>We don't know the answer. You need to talk to admissions and financial aid at the college that you applied to.</p>
<p>In general, if one needs financial aid, it's a bad idea to apply ED because even in the best of circumstances, the college will give you what the college -- not you -- feels that you need. You also lose the ability to compare offers and to negotiate by showing the college a better offer from a competing college.</p>
<p>If you wish, you could change your application from ED to regular, letting them know that you're doing this because of concerns about getting enough financial aid.</p>
<p>Well it's an ivy and they meet 100% need...</p>
<p>if its penn, then u should be okay. im in the same situation. they told me that send it ASAP but I asked if the later I sent it, would I get a lesser amount?</p>
<p>she said no, u will simply be notified of ur fin aid award later. and it has no bearing on ur admissions process. Relax, but get it done tonight. Im trying to send it in tonight.</p>
<p>i think you'll be fine if it's an ivy...well...if you're okay with them meeting what they consider as 100% of your financial need...</p>
<p>"They sent in my finaid forms on November 4..." Does this mean your parents sent in the forms and did the CSS on November 4, or the ivy sent you forms on November 4 to fill out and you still haven't done them yet?
In general, if you need financial aid, no matter how you are applying, it is a bad idea to miss the deadlines.</p>
<p>The Ivy sent in the financial aid forms on Nov 4. They said the deadline was Nov 1. And yes, it's penn.</p>
<p>well get it done ASAP, thats what it said. I know b/c im in the same situation. I called and asked how soon is as soon as possible? and she said just ASAP, thats all. read my post above. get it done today or tomorrow and send it in. Its not too bad if ur parents help u out with it. all u need is last years tax returns, w-2s, and ur tax return and w-2s if u have any.</p>
<p>my dad just gave me the stuff and im doing it on my own, I sent in the penn part and gotta finish the profile. I have 1 question left.</p>
<p>I think the only way to get out of an ED binding program is if u cant afford it. so I think Penn will prolly get u ur aid, otherwise u wont go there. not sure though.</p>
<p>i could be completely wrong here...but i thought the ivies just relied on the financial aid forms later in the year since they dont care about it for admissions purposes...and i thought the financial aid thing now was just for an estimate...i'm almost positive that's how it works..</p>
<p>Well when my d applied to Cornell RD last year we were completely surprised when we noticed their finaid deadline of Jan 1 (most others are in February). I called Cornell finaid on Jan 3 and they said to get it in asap so I overnighted it in. Did it matter that we were late? Don't know but her package had a higher efc than the other schools she was accepted to, and consisted of loans and work study (which she had indicated she did not want and no one else included.)</p>
<p>100% of need means </p>
<p>"100% of what the college thinks that the student's need is"</p>
<p>not</p>
<p>"100% of what the student and family think that the student's need is"</p>
<p>Also, when colleges say that they meet "100% of need," they may do part of it through loans -- sometimes in amounts that are more than what the student and family are willing to borrow.</p>
<p>So the fact that a school meets "100% of need" does not necessarily mean that the student will automatically get enough financial aid money to make going there an attractive proposition.</p>
<p>
[quote]
The Ivy sent in the financial aid forms on Nov 4. They said the deadline was Nov 1. And yes, it's penn.
[/quote]
</p>
<p>there is an expectation that when a student applies to school especially ED that the forms be in on time as the financial aid decision is given at the same time as the admissions decision. </p>
<p>
[quote]
i could be completely wrong here...but i thought the ivies just relied on the financial aid forms later in the year since they dont care about it for admissions purposes...and i thought the financial aid thing now was just for an estimate...i'm almost positive that's how it works..
[/quote]
</p>
<p>Since you cannot file the fafsa for school -year 2007-2008 until Jan 1, your school will rely on the information from the CSS profile and last year's income taxes. if there are any major changes in your financial situation, you can ask the school for a financial review.</p>
<p>rlm & marion are both correct that even in schools that meet 100% of your demonstrated need, there is only a limited amount of grant aid (free money) that the school allocates each year (remember loans can be used to meet your demonstrated need). The school determines your need based on your income and assets. </p>
<p>With a few exceptions (medical debt not covered by insurance, taking care of elderly parents) they really don't take into consideration the life choices you make( credit cards, car payments, mortgages) and how you need to spend X amount of money to make ends meet and therefore cannot "afford" to pay what they believe that you and your family are capable of paying. </p>
<p>In short yes some people look "rich" on paper but they are "cash poor" and IMHO, should not be applying to ED unless they are absolutely certain they can live with what the school says what they can afford to pay because you also give up your right to compare packages with other schools.</p>
<p>So if you can't afford it, can you drop out of the ED binding?</p>
<p><em>bump</em> Can I get out of ED's binding if the financial aid isn't sufficient?</p>
<p>There are a zillion posts on this subject, check CC's back posts, and check the financial aid info on the college that you applied to.</p>
<p>Keep in mind, too, that if the college thinks they met your need, but your parents don't agree, that is NOT enough reason for most colleges to let you out of your ED agreement. Even if they do, your GC may be angry because your GC probably will have given you a strong recc to get into your ED school, even recommending you over other students who may be RD applicants there even if those students are stronger.</p>
<p>As a result, your GC may not go out of her/his way to provide exceptionally strong help for you as you continue to apply.</p>
<p>If you decide to back out of ED at Penn, you can forget about any of the other ivies, because they share information and state in their joint statement that they will not accept a student that has been admitted under an ED to another school.</p>
<p>Also you might have a hard time claiming the financial aid package is "not sufficient" in light of the fact that you returned your finaid forms so late.</p>
<p>So what do I do if I don't get enough money?</p>
<p>You may have to go to a state university. Such universities usually admit students based only on students' stats, and don't care if someone backs out of ED to attend them.</p>
<p>Based on your recent below post, however, it does seem like U Penn. is a longshot for you:</p>
<p>" applied to Penn and scored a 27 Composite and a horrible 8 on the writing. According to CollegeBoard (<a href="http://apps.collegeboard.com/search/...4&profileId=6)%5B/url%5D">http://apps.collegeboard.com/search/...4&profileId=6)</a>, Penn's middle 50% for ACT composite is 28-33 so I'm guessing I'm at least in the ballpark. Although, I'm not sure how recent those score ranges are and if my writing score is too low. "</p>