<p>We have heard that ED is legally binding. My question is - what if after you are accepted ED the financial aid is not sufficient? So can anyone out there disabuse us of the legally binding thing or give background on ED & financial aid? My D1 is a jr with a 4.125 grd pt, 96% PSAT, a 4 on Euro Hist AP and in a hs for the performing arts where she is vocal music, oboe and piano focused with 3 years of music theory already. Looking at Grinnell, Wooster, and possibly Goucher, Haverford, Juniata, Denison, and Beloit on the vetisit list yet.</p>
<p>Financial difficulties are the only legitimate reason to withdraw from an ED agreement (it's not legally binding by the way). But the school you choose to attend afterwards needs to be cheaper for you than the ED school, and as most private schools use the same formula to calculate fin aid that basically means going to a public school or a school you got merit aid from.</p>
<p>Most admissions directors would go further and tell you that if finances are a concern, then you are not a candidate for ED. </p>
<p>Additionally, as you are supposed to withdraw your other applications, you would not have the opportunity to see merit offers if you are playing by the rules.</p>
<p>ED is not a legally binding agreement however, it is a moral and ethically binding agreement. The premise of ED is that in exchange for an early decision, it accepted the student will attend, withdraw all other applications and not make any new applications. ED is based on the good faith that families will live by their word and students. </p>
<p>Because you give up or opportunity to compare other packages, you are basically saying if admitted you will attend regardless of the financial aid. Keep in mind that for most ED programs if money is an issue, you are only released to attend your local state U. system</p>
<p>Remember that the school, not the parents or student determine what is sufficient FA . Before committing to ED, you as the parent should run your numbers through some financial aid calculators or even contact the FA offices at the schools that you are interested in and find out if you can get an early read (remember these estimates are not set in stone and the school is not bound by them).</p>
<p>When a student backs out of an early decision, they potentially hurt themselves because schools do share early decision information as they do not want to be accused of poaching students. </p>
<p>In addition, you place you GC on the line because they are responsible for making sure your student understands the concept of ED and will be putting their own reputation on the line by helping your student submit new applications or complete old ones when s/he knows that they should be withdrawing applications. The GC credibility in a business that is built on maintaining relationships now becomes circumspect and they lose face with the admissions office at that school.</p>
<p>It can then have a trickle down effect on other students from your school and they will be at risk of not being admitted (school possibly blacklisted) because your school will develop a reputation for not acting in good faith.</p>
<p>If money is going to be a problem, and you are not willing to live and die by the school's FA package do not apply ED</p>