<p>I have a quick question. -- I'm interested in applying Early Decision to George Washington University. However, my family won't be able to pay a $50,000 tuition and full and I'm not interested in building up $200,000 in loans by the time I finish undergrad. While I definitely think I'm a candidate to receive financial aid at the school (maybe half covered), I'm not sure whether applying ED will help or hurt. </p>
<p>My main concern is that, if for some reason, the school does not offer me any aid and accepts me on binding Early Decision, I'll be bound to attending it at a price I cannot pay. I am very interested in going there and I would like to apply ED; this is really my only concern.</p>
<p>My opinion…you know the costs of GW University. You also know your family can’t meet those costs. That being the case, finances sound like a very serious consideration for you. If that is true, do NOT apply ED. Apply RD. I don’t believe GWU guarantees to meet full need for all accepted students. You could end up with a significant gap between what you can afford to pay and what they offer you.</p>
<p>You need to be able to compare financial aid packages which CAN and DO vary from school to school. Maybe in the RD round GWU will be the one…but personally I would not risk it.</p>
<p>Remember if you are accepted, you agree to withdraw ALL other applications and acceptances.</p>
<p>You also need to determine how much your family’s EFC will be. If it’s too high for your family to afford, then you need a strategy for applying to schools that will be affordable for you either because they aren’t expensive or they will give you good merit scholarships.</p>
<p>Do both the federal method and institutional. Many privates use the both methods. If there is a non-custodial parent, then their income (and step-parent incomes) might also be included at some schools.</p>
<p>BTW…an EFC is not the most you/your family will be expected to pay. Most public and private schools do not meet need. Most schools “gap”. And…most OOS publics don’t help with high OOS costs - unless they award a merit scholarship for high stats.</p>
<p>From what I’ve heard, while the costs of GW are high, they seem to be generous with the financial aid for those who need. I’m just not sure if an ED application would increase my chances of obtaining such aid.</p>
<p>I can honestly say that I’m not going to attend a school that I’m not going to like simply because they offer me a free ride. Financial aid is not something that I am considering quite that seriously. </p>
<p>I think I would be able to meet the costs of full tuition at GWU through loans and what we can contribute. But like I said above, that is something I would not like to do. I just have a hard time thinking that they would force me to pay that amount when I’ve already expressed complete interest in attending through an ED application. </p>
<p>However, I can also say that I’m not absolutely committed to ED. I know the risks but I’m tempted to go either yes or no this decision. I just feel like ED will greatly up the chances that I will be admitted and not have to attend another place.</p>
<p>Think of it the opposite way. What incentive does GWU have to give you a larger aid package when you have COMMITTED to attending their school with the ED contract? Applying ED means that you know the costs, and everything else about the school…and you agree to attend IF you are accepted ED. That is the “binding” part of it. </p>
<p>An ED applicant is saying “I’m coming to your school and no other school can make me an offer that will change my mind.” So…why would the school feel compelled to offer an ED applicant a larger financial aid package.</p>
<p>Your financial aid package will likely not vary much whether you apply ED or RD. The formula the school uses to compute need based aid is likely the same.</p>
<p>Quite the opposite, since you’ve applied ED, you are bound to pay whatever they say you are able to pay. So if accepted, they know that your choices are either to pay or turn down your acceptance. You have no other FA offers to compare or to use in the hopes of getting GWU to give you more FA. Applying ED is essentially saying, “I can pay”. If you think that a school is going to treat you better financially because you applied ED, you need to use the Search function and read all of the threads we get on this forum every year from students who were accepted ED but then couldn’t afford to attend.</p>
<p>Thanks again for the input from all of you, I really appreciate it :).</p>
<p>I did actually take a look through the forum with the search function, and you’re right that I found some people who said something like “early decision was the worst decision of my life - cannot afford”. </p>
<p>However, I have also found some posts stating that early decision with need of FA may not be so bad, sort of along the lines of this.</p>
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<p>I think what I’m going to do is look more into GWU’s ED contract and see if they offer a financial aid estimate from a calculator themselves. I’ll probably take sometime to email the admissions office and see what they have to say about it. Nonetheless, I’ll definitely be careful in my considering of ED.</p>
<p>I don’t think anyone who NEEDS financial aid should be applying ED. First of all, you may not fill out the estimated calculators correctly when you apply to the school. The year is not over at that point in time. Estimates are only estimates. Also, a lot of things can happen between the commitment time and the start of college. Too many things during a highly volatile time to lock yourself into something like this.</p>
<p>GW is a bad choice for ED if you need aid because 1) They do not guarantee to meet full need 2) They do not meet full need to all students 3) It is a very expensive school. 4) They are not a loan free school when giving out aid packages.</p>
<p>You could get accepted and be surprised with what they think you could pay. They could acknowledge what your family should pay, but gap you nonetheless. The costs are way up there–edging to the $60K mark in total COA. They could meet your need with a heavy loan package. </p>
<p>Why set yourself up for that? If you get your acceptance letter, it will be right before winter break. When would you get the financial aid estimate? If it comes even a little late, and that happens a lot, you’ll be going into break with an ED acceptance and no idea of your package. If you want to negotiate the package or tell them it is a no go and undoable, everything is closed because it is breaktime. You are supposed to be cancelling your other apps and the other schools just might cancel them for you if you are on an ED accepted list. Which means you have to go through the whole pain in the neck of asking them to keep your app current if GW does not come up with a package your family can afford. You’re gonna look real good telling a school that you are possibly reneging on ED especially before they have decided to accept you. When you get the GW package, you have nothing to compare it with since you haven’t been accepted to like schools much less get any fin aid awards from any of them. You can get out of the ED commitment and then end up finding that GW was the best deal, and you let it go. Too many risks, in my opinion.</p>
<p>Based on the number of doomsday posts that I’ve read about ED and financial aid, I can say I understand the severity of the risks of applying ED. </p>
<p>However, for one thing, I’ve really only heard people speak of EFC and need based aid. But I think there are some other things I can factor in.</p>
<p>Altogether:</p>
<p>Need-based financial aid package
Possible merit-based aid
Possible outside-source scholarship aid
$ amount that can actually be contributed</p>
<p>I think its important to note that - yes, the school may only offer me a partial aid package and some loans. But adding in the possibility of them offering merit aid AND the possibility of outside source scholarships, I feel like I might be able to offset doomsday in some respects.</p>
<p>I suppose the answer though, is a big MAYBE. </p>
<p>Can anyone give an suggestions about merit and outside source scholarships in regards to this?</p>
<p>Merit aid is often given to entice kids to come to a school. It isn’t a good business practice to offer it to someone who has already committed to come. Why should GW give you merit money when you are stuck with going there when they could snag someone who has other options and might come with a sweetner like a scholarship?</p>
<p>Your options are not so limited. You have some strong preferences that are not necessarily grounded in reality. There are many options for you. What is your home state, what are your stats, especially your test scores? Schools like Fordham, Pitt, American, Catholic U should be on your list as well as GW. Very possible you get some merit money if your stats are good. Also apply to some schools that give good fin aid packages, like meeting 100% of need. See what shakes out from all of these choices. If you apply ED, you are really limiting yourself and your options.</p>
<p>Again…the single most important thing you need to do is find out if GW meets FULL NEED. I do not believe they do. If they don’t…you could find yourself with an ED acceptance and no way to pay for the costs GW doesn’t cover in your finaid package. There is a thread right now from a student who applied and accepted admittance to NYU. The financial aid package did NOT meet their need…and they ended up NOT qualifying for any large loans. The student is now trying to either figure out how to pay the HUGE costs out of pocket OR find another school and get released from the ED contract. </p>
<p>I know the thread you were posting from…that student was applying to a school that MET FULL NEED and they also talked frankly with the financial aid department about prospective aid. They were given a guestimate of their aid. The online financial aid calculator that was on the SCHOOL website gave them a very low family contribution. They knew they would qualify for need based aid at a meets full need school. </p>
<p>Have you run your family’s numbers through an online finaid calculator to see what their contribution estimate is? Remember…if the school doesn’t meet full need…that number is a MINIMUM you can expect to pay.</p>
<p>Again…check GWU…does anyone here know if they meet full need? I do not believe they do.</p>
<p>I’ll be brutally honest here. I know you guys are right, I know applying ED comes with serious risk, it’s just…hard to face the facts, you know? </p>
<p>I have a 4.0 GPA and I’m enrolled in the full IB diploma program at my high school in northern New Jersey. My SAT I is a little low, at 1840, but I was hoping with my taking an SAT prep course (currently in progress), I will be able to get that up a bit in October. I scored a 730 on the U.S. History SAT II and I plan to take 1-2 more as well.</p>
<p>Ult,
You’re new to CC, so I’ll let you in on something. With comments from m2ck, thumper and cofh, you’re getting information from some of the most knowledgeable and respected CC members around, particularly when it comes to FA & S. Take a look at their posting histories. </p>
<p>I know you don’t like what you’re hearing, but we’ve all seen it so many times before, usually after the fact when there’s no remedy. You’re lucky in finding out all of the facts before you even apply. Is applying ED rather than RD worth the risk that has been presented to you?</p>
<p>I doubt GW would give you merit money with those numbers. My son did not get a dime with higher ones. Get the SAT1 up there and you may have merit money possibilities at some schools. If you need money, you need to cast a wide net and you cannot afford to fall in love with one school. The reality is that you may not be able to afford what the schools say your family should pay, and you may not even get what is considered your need met. Maybe even with all of that, you will decide to go to GW if they accept you, even with a less than optimal financial package. But for goodness sakes, give yourself some leeway and some other choices. You have the advantage of not already being stuck in the very position you are proposing. Every admissions season there are many kids who find themselves stuck and it really hurts to read their posts, and feel their pain when they realize that they are stuck. Don’t make that mistake. Go on ahead and apply to GW but give yourself some other options. If you cast a wide net, you may find yourself looking at some nice merit/ financial aid options at other schools.</p>
<p>I’m not really convinced that ED makes enough of a difference to justify it, really. I mean, if you can’t really afford it, the tiny boost that you might get from applying ED isn’t nearly worth the risk.</p>
<p>Made a mistake in my earlier post - my actual SAT I total was 1930.</p>
<p>Specifically,</p>
<p>680 CR
640 W
610 M</p>
<p>Don’t think that really makes much of a difference than the score I mistakenly mentioned before. But I am hoping with this course I’ll be able to break 2000 at least.</p>
<p>I think I have decided that I’m going to hold off on the ED. Some people who I have a lot of respective for IRL have essentially given me the same advice. </p>
<p>I don’t really know why I had gotten to be so stubborn about it. A month ago I was thinking to myself “I am going to GW even if I have to pay 50,000”. To think someone like me who has done well in HS would be dumb enough to think that coming out of undergrad with 200,000 in debt wouldn’t be so bad. I suppose now that I’ve heard some of the horror stories its easier to put it into perspective. </p>
<p>I also don’t know why after ALL this, I still feel disappointed that I probably won’t be taking the ED path, and I’m likely going to have many second thoughts about it too. </p>
<p>Though, thanks for all the help AGAIN, everyone :).</p>