Need quick experts' answer about Early Decision Financial Aid Rate!

Paying for College
1

<p>Hi!</p>

<p>So, here's the problem. I was thinking of applying to either UPenn or Cornell Early Decision. Both schools are very generous of giving out financial aid (Need Based). And, since I know that I qualify for "the lowest asset group (below 60,000)," and since I am actually not very wealthy, I am heavily depending on getting the financial aid...</p>

<p>The actual problem is, today I heard from someone (who calls himself expert of the financial aid field) told me that I should not go for Early Decision, in a bad way, get the most money of the college BECAUSE, since I am going to be bound with a certain college, the college would not give me much money as it should in regular pool...</p>

<p>For example, if I were supposed to get 40,000 out of 50,000, they would rather give me 25,000 than that money, since it does not really matter for them (cuz i'm bound with the college)</p>

<p>The guy who told me told me that he has seen a lot of these cases... </p>

<p>I really don't know what to do... Financial aid, Fafsa, merit based out of school scholarships are the only exits for my tuition problem.. My parents can barely pay me 10,000... I doubt it. What should I do...? Does doing an Early Decision really affect the financial aid package...?</p>

<p>Little bit about myself...</p>

<p>First Language : Korean
Years of residence : 3 years
APs : World History (5/2008), Calc AB (5/2008), English AP (4/2008), Chemistry (4/2008), Physics Mechanics (4/2008), Us Goverment (3/2007)
4.5 Weighted GPA
3.86 Unweighted GPA
6/2009 SAT
700 CR 780 Math 620 Writing (-<em>-..)
*I know I messed up in my writing T</em>T
Score Choice
700 CR 800 Math 720 Writing</p>

<p>*But most colleges will see every bit of my score... my writing score had consistently went down... 720 690 620... :(</p>

<p>Extra curricular activities (very briefly)</p>

<p>Breakdance Club (2 years, various performances, choreography, performed at Korean Festival)
Choir, Madrigals ( senior year leader)
Barbershop 3 years ( lead singer)
Drama, Musical ( 2 years, some roles and 1 lead role)
Math Team Top 30 Howard County / 2 years of American Regional Mathematics League
School Morning Announcement Head Ancor
Church Praise Team (2 years)
Korean School Assistant teacher (1 year, stopped now :( )
NHS Member (Was late to something and didn't get to do mentor)
Tri-M Music Honors Society Member</p>

<p>This is a brief version of my extra curricular activities... I am just trying to briefly what I have done for 4 years.</p>

<p>I will be waiting for your reply. Thank you very much for reading and prethanks for replies!</p>

<p>P.S. I am a transfer student from Korea. It has been 3 years and I started with all Regular classes and ended up with taking (and currently taking) 10 APs so far including my senior year.</p>

2

<p>Are you a US citizen or permanent resident? If not, you are not guaranteed to get a cent from either of these schools which have limited aid for internationals.</p>

<p>If you are, you’re in a much better position, but these are not schools that are as generous as some others, and you really may want to apply widely and compare packages.</p>

3

<p>I am a permanent resident.</p>

<p>Eventhough they say they are “need based,” would they offer less than they could have for Regular Decision applicants…?</p>

4

<p>I posted this on a previous thread and still stand by it. Financial aid policies are the same for ED and RD. Any fear that colleges will use the fact that you’ve applied ED to “low-ball” your offer is unfounded. Think about it, if you’re willing to apply ED, you are highly motivated to attend that school. Why would they want to %$$# you off by giving you a bad finaid offer and then force you to attend. Just what every college wants, a significant % of their student body who is unhappy before they even start. </p>

<p>In our case, S had a clear first choice school. We came to the decision that if the college met out finaid expectations with their ED acceptance, we’d be happy. If they low-balled us, we’d use the “bad finaid, opt-out” option. We provided very accurate estimates of our financial situation. They met our expectations, and in fact, the final package received this summer was even better. </p>

<p>All that said, as others have said a million times on these boards, if financial circumstances are critical, and you want to compare offers, you obviously need to apply RD. </p>

<p>Caveat: i’m no expert, just a parent who’s been through the process a couple of times.</p>

5

<p>Goru, I agree w/you 100%. my daughter considered applying ED to the school she attends now, was provided w/an early read of her FA package. She ended up applying RD to several schools and the early read she received was better than any other package she got from RD schools…but her potential ED school did claim to meet 100% of need. UPenn and Cornell claim to do the same.</p>

6

<p>So, it comes down to the conclusion that … ED often times offer better financial aid packages than RDs’ offers, and ED colleges would not want to low ball you for the sake of the interest of students.</p>

<p>But, if that really happens (since I have actually met a person with this case), I am still allowed to (bad-financial aid offer - opt out) option, right?</p>

<p>Thank you very much.</p>

7

<p>If the college’s aid is based on need only, the formula will be the same whether you apply ED or RD.</p>

<p>ED also comes with a release from the attendance agreement if the aid offer does not make attendance possible. (Remember though, there is a difference between “I can’t afford it” and “I just don’t want to pay that much.”)</p>

8

<p>so, to be clear, i wouldn’t go so far as to say “ED often times offer better financial aid packages than RDs’ offersl”. </p>

<p>my point is, at a given school, given the same financial circumstances, the school will offer the same financial aid package whether you apply ED or RD. Nothing more than that. </p>

<p>in any case, to be safe, it makes sense to contact the school you want to apply ED to prior to applying to determine the ground rules for the “bad aid, opt out” option.</p>

9

<p>I’m kind of having the same problem. I want to apply to Cornell ED, however I’m afraid that if I get in and I’m unable to afford it I’ll be obligated to go there anyways. This years application uses the tax information from 2008, however, my dad lost his job in the beginning of '09, cutting my parents income virtually in half, making the tax returns from '08 incredibly inaccurate. They’re having a hard time putting my brother through school atm (he wasn’t born in the U.S. so he doesn’t qualify for government aid), and I’m trying to put myself in a position where they won’t have to contribute a dime towards my college tuition. </p>

<p>This morning I was on the phone with the admission office at Cornell for nearly an hour, asking questions, talking about their programs, campus life, academics, etc. Overall, I feel more at ease, but I still need to call during a weekday in order to speak with the financial aid office. </p>

<p>The person I spoke with today told me that there’s a grace period of 3 or 4 days in which you have to decline your admission to the school ED if the financial aid package isn’t enough, however, you have to provide proof that you’re unable to afford it. I’m not entirely sure what the proof is? So I’m waiting to find out on Monday. </p>

<p>The main reason I’m so resolute on applying ED to Cornell though is because I feel as if my chances of getting in are better ED than RD, since their acceptance rate ED is around 37%. However, theoretically, if you’re qualified, you should get in regardless…? So I’m not sure how valid my fear is =&lt;/p>

10

<p>Well, you’re doing your research, wisdom86, and that’s very good. As for your last point: “However, theoretically, if you’re qualified, you should get in regardless…?”</p>

<p>NO.</p>

<p>Very many highly qualified students do not get in to highly selective schools. They just don’t have enough room to accept every qualified student that applies. Sometimes it’s quite perplexing when you see student after student with incredibly high stats get rejected. That’s why people call it a crapshoot.</p>

<p>If you can apply ED, and you feel secure with the ED/FA policies, then ED can certainly be a help – to what degree it helps is up for debate. It’s not a guarantee, though.</p>

11

<p>I think I will apply ED. I mean, if it increases my odds of getting in even by a little, it helps. Right? </p>

<p>And there’s still the grace period to decline if FA isn’t enough. However, there was something I’m kind of confused about in their FA process? They started this new program in which students don’t graduate with any loan debt, does anyone know how that works?</p>

12

<p>“a grace period of 3 or 4 days in which you have to decline your admission to the school ED if the financial aid package isn’t enough, however, you have to provide proof that you’re unable to afford it. I’m not entirely sure what the proof is?”</p>

<p>Good question. In normal cases, you’ve already supplied all of your financial information, so what more “proof” would they accept? Imagine if they did not accept your proof, you were somehow compelled to attend, but would then be expelled for not paying the bill. This would be horrible PR for the school, which is why we never hear about it happening.</p>

<p>Plus, the Common App ED agreement doesn’t require proof:

<a href=“https://www.commonapp.org/CommonApp/docs/downloadforms/ED_Agreement.pdf[/url]”>https://www.commonapp.org/CommonApp/docs/downloadforms/ED_Agreement.pdf&lt;/a&gt;&lt;/p&gt;

<p>Cornell is indeed a Common App school, so it sounds like you reached an uniformed staffer, or it’s an attempt to make sure you’re serious about applying ED.</p>

<p>However, in your case, your dad’s job loss should be easily documented, and should make a difference.</p>

<p>As 'rentof2 pointed out, top schools can fill their incoming classes several times with qualified applicants; there just isn’t room for them all.</p>

<p>(I am also not an expert.)</p>

13

<p>A few schools guarantee to meet full demonstrated need (they will determine what your “need” is though, not you) without including student loans in the financial aid award. The award will be a combination of grants (sometimes a combination of gov’t grants, grants from the college’s own reserves, and any outside scholarships you might earn), as well as work-study. Under these circumstances you should be able to graduate without any loans according to the college’s reckoning.</p>

<p>Along with that will be a summer earnings exectation (they’ll expect you’ll earn a certain amount of money with a summer job that will be paid to them – for my son it was $1600 the summer before his freshman year, $2000 the next summer. It will tend to be a bit higher each year at most schools.</p>

<p>And they will also determine what they believe your parents are able to pay. Whether or not your parents feel they can pay that much is another question. If they need to, they could also take out parent loans to meet their expected contribution.</p>

<p>However, even at schools that don’t package sudent loans, you are not prohibited from borrowing if you need to. Maybe some summer you won’t meet the summer earnings contribution and will need to borrow some, perhaps you won’t be able to earn what you need through work-study, or maybe you need a laptop… whatever. I’m just saying there are scenarios where a student whose need has been fully met without loans, might still find the need to borrow a bit. It probably wouldn’t be much, but just understand that when a college says they meet full-need, they don’t necessarily mean they’ll meet ALL the needs you believe you have.</p>