ED or RD at Occidental?

I am a junior in high school and have recently become very interested in Occidental. It seems perfect and I really would like to apply ED, however I am concerned that it is a bad decision given finances. My parents make approximately $75,000 a year, however my dad owns other properties that we still owe a lot on. (We don’t know if those properties will be viewed as assets or if it will help us get more in financial aid considering the amount we owe?? If anyone was in a similar circumstance, any insight would be greatly appreciated.)

Anyways, if I were to get accepted at Occidental ED, but get a financial aid package that makes it unaffordable for my family and I, what are the repercussions of withdrawing from the binding contract? (Given you are allowed to do this if the financial aid package is abysmal?)

I know logicailly that it is better to apply RD to avoid this even possibly happening, but I can’t get the school out of my head and I want to make every move to show them just how much I would like to attend. (Heart is taking over mind here.)

Thank you for any advice.

Also- It is a very general question and I know it has been asked millions of times, but how is Occidentals financial aid (I am out of state, if that says anything at all)? Any substantial amount of loans will be unfeasible. Thanks, again.

Oxy meets 100% of your need (as THEY determine it), and they will package loans (likely $7500) and work-study (likely $3100) into that package. That means they are ‘middle-of-the-road’ in terms of how well they meet that 100% of your need. So if your Oxy calculated EFC (not same as fafsa) is 10k, then your actual net price will likely be about 20.6k. Whether you’re OOS or in-state won’t matter.

Best thing to do is use the net price calculator (NPC) to estimate your package. Sit with your parents and input the most accurate info possible. Caveat: the property ownership may make the NPC less valid. I wouldn’t hesitate to contact Oxy’s FA dept to find out exactly how they would treat the properties in their formula.

As for ED. Do not let the financial aspect scare you off from applying ED … that is, if you are only talking about need-based aid. What people mean about not applying ED if you need aid, is if you need merit based scholarships (high EFC). Some schools hold back from offering merit aid in ED since the student is obligated to attend if they are admitted. I don’t know what Oxy’s policy is in that regard, you could ask them.

All that being said, if for whatever reason the package is not doable, you will NOT BE BOUND to attend - in fact this is the only legitimate reason not to accept an ED offer of admission, and it does happen.

Oxy’s FA has been very fair and consistent for us year after year.

Thank you so much!!

one thing i didn’t think about related to the amount of the loans.

I belive Perkins loans are being discontinued after this year, so that $7500 in loans might actually go down to $5500 - unless Oxy replaces Perkins with an Oxy-sourced loan. Just thought I’d add that since it’s an unknown.

Perhaps people who’ve received FA packages for next year as freshmen can tell us how much of their package included loans.