I really want to do ED to my dream school, but I am hesitant because my parents make less in a year than the school charges its applicants. What happens if I end up getting into the school, but I am not able to afford it? HELP!!!
Does the college commit to meeting 100% demonstrated need? They probably have a net price calculator that will give you a rough idea of how much aid you’ll receive. If you end up getting in but with insufficient aid, you can appeal for more. If nothing works out, they will relieve you from your ED agreement.
I agree with gears. They usually have a test calculator that allows you to get an estimate of your financial aid package. The only way to back out of an ED contract is if there is no possible way for you to afford it, which doesn’t happen a lot. The reality is that you’ll have to take out student loans and end up with a lot of debt. I’m not doing an ED (only EA) for any of my schools because of this. Plus if you apply ED, you will NEVER know if you got into the other colleges you want to apply for. ED is a big commitment and although it may be your dream school, sometimes it’s necessary to be more open-minded because I’m sure there are other great schools for you besides your dream one. Good luck! 
Don’t apply ED.
Yes, you can still back out but you are essentially violating your binding contract with the school.
Your school counselor will not be happy as that school will probably be very hesitant in accepting people from your school in the early round ever again.
If you like the school, just apply during the regular round, and this way you can compare financial aid packages since money is an issue for you.
You’ve gotten very good advice. 1) go to the school’s net price calculator. There, you’ll be told plainly what the estimate of yours and your family’s contribution should be. Some schools are crazy generous – you might find out great information
- if the above isn’t favorable, then follow rdeng’s advice. Don’t apply ED.
EDIT: You’re not a superstar student who lives in Illinois who has fetishized Syracuse University – which won’t give you much fin aid to an outstate student whom they wouldn’t be pursuing.
Plus, your stats don’t make you very likely for an admit anyway. You should re-calibrate. This isn’t going to happen and you should re-double your efforts at local public colleges that are affordable. Perhaps commuter schools.
Most collegians don’t go the 4 year on-campus residence route. There’s no shame in that.