<p>Does needing financial/merit aid prohibit the ability of applying early decision? I am trying to understand the process. It seems like applying early decision to a favorite school is a good strategy for getting accepted to a school you really want (if your stats are close). So does that mean you have to be able to pay the full amount if you want to apply early decision?</p>
<p>After being accepted ED you will receive your FA estimate. The only reason you can decline an ED acceptance is if the FA is not sufficient. However, if you really need to compare FA offers it is usually best to avoid ED.</p>
<p>There are some small differences, but basically, applying ED is a promise to the school that if accepted, the student will enroll. It is that promise that some believe helps make admission more likely.
If you cannot, with a clear conscious make that promise(because cost is a big factor for example) then I recommend you not make the promise.</p>
<p>I do not advocate ED for anyone wanting or needing money. I just have seen it go bad too many times, and oh, what a mess when it does. It’s beautiful when it works, but most things are. It’s how messy things get when they fail, that is the risk.</p>
<p>When you apply ED to a school, you use last years information and extrapolate for the current year. Your estimated award is going to be as good as your guess. You aren’t leaving any room for any misinterpretions or mistakes because when the real verified numbers come in, you are long committed and off the lists of the other schools. It’s not that simple for most people I have known to just let go when the financial aid offers are not what they had hoped. We are human, and a lot of emotion is involved here. You get your answers right before the holidays and trying to work out something when the aid package is not to your liking can be problematic, not to mention the fact that your name might already be listed as ED accepted at those schools that swap lists. It’s an extra thing you are doing just as the adcoms are gearing into the big crush of RD apps, and things can and do go wrong. It’s also possible that the offer you get is what the going rate is for you and your parents did not get it with the one offer, and need time to absorb this. I have seen this a number of times.</p>
<p>Like Erin’s Dad said, what you are giving up is the ability to compare financial aid offers. You have to accept or reject the ED school without the chance to see other offers. If you do a lot of research and can estimate what you will get from a variety of schools ahead of time, it might help. If you know if a school meets full need or not, what others have received in past years, if there is clear guaranteed merit aid, etc, these are all factors.</p>
<p>I let my S apply ED because the school listed merit aid on its website and I knew what he qualified for.</p>
<p>That’s what I was afraid of. I have been using the net price calculators on the schools my son is interested in. But not all include merit (if he is eligible) and I am uncertain as to where the Post911 GI Bill benefits will pay. (Will the schools reduce their grants/scholarships or can I use it for our net price?) Since I cannot afford to pay full tuition, it looks like early decision is not an option.</p>
<p>Look for schools with early action and rolling admissions. They give you the decision early but you do not have to commit until all decisions and financial aid letters are received. It is really nice to have at least an acceptance before the end of the year</p>