Suppose I apply ED to Upenn and I get selected. Will I be able to refuse the offer if the financial aid they offer is still not adequate enough for my family?,…Is Inadequate financial aid the only thing which can stop my admission to Upenn?,…And they also take some deposit (safety) if you apply ED. What is the amount of that deposit?,…And supposing this is true and my admission is stopped as the financial aid I receive is not adequate,…Will I then be able to apply regular to other colleges?,…Thanks in advance people. God bless. 
If you are accepted and your need based aid is not sufficient, you can withdraw. That is the only legitimate reason to turn down ED admission. Typically it is recommended to see your financial aid offer before accepting their offer and withdrawing other applications. You can submit RD apps until that point when you have the info to make a decision.
Because if this, it is very important to meet the ED financial aid deadlines so you get a timely FA package to review if you get accepted.
You don’t have to pay a deposit until you accept the offer. I don’t know the amount, but assume it is available on the Penn website.
I don’t know about UPenn for sure, but you want to be sure that they issue FA packages in time for regular admissions. In other words, you may need to go ahead with RD applications prior to knowing whether the FA package is enough. Your post implies that you’ll wait for UPenn FA before submitting to RD colleges… don’t do this. You’ll hear about admissions in time, but most likely not FA.
You do NOT need to accept an ED offer if you have not seen the FA packages. Colleges set earlier deadlines for FA materials for ED applicants for this reason. You have every right to keep your RD and EA apps in play until you have seen the FA package, asking for an extension on responding to the ED offer if necessary. But as mentioned before, you must meet the ED FA deadlines.
I agree that the student should not stop preparing RD apps, and submit them if their deadline is close and you don’t have the FA information.
If you are a viable candidate for UPenn, there are other places that offer early action or rolling admission that would give you a decision and an aid package at least as soon as the offer from UPenn. If you don’t already have a dead-on safety that is fully affordable, check through these lists.
http://automaticfulltuition.yolasite.com/
http://competitivefulltuition.yolasite.com/
So that means I can reject that offer and then apply in regular right?,…Also do they give their final aid offer at the time of making the decision,…i.e. mid December or some time else?,…And is that offer final or is there some scope for lets say “negotiation”?
Yes, you can. Nevertheless, did you check their NPC? If your family does not have a complicated situation (e.g. self-employed, private business, parents separated, etc), those NPCs are rather accurate.
npc stands for net price calculator right?,…I didnt check that and my family isnt in a complicated situation. But I am pretty confident that I will qualify for aid. The problem is that Upenn will have too many students wanting aid and very little funds. Nd bill could you please also answer the second part of my question?
Check. The. NPC. That’s why it’s there. And there is no negotiation on FA for ED. You won’t have any other offers to show them (maybe some EA offers but they won’t be from Peer schools). You can appeal the offer if you think they misunderstand some info.
Deposit amounts vary by school. D1’s deposit was $800 for her college, and D2 was $400 for her college. This is then credited to your fall semester bill.
Yes, you can back out if the offer isn’t good enough.
However, personally, I feel you have an obligation to do your homework and have a reasonable expectation that they will meet what you are willing/able to pay. So use the NPC. I don’t think it’s fair to say “I can only pay X amount” but the NPC says “Y amount” (with Y and X being in completely different ballparks) but I’ll apply ED and if they don’t give me what I need I’ll just back out. "
And yes, until you are accepted and have accepted their offer of admissions, you should continue to move forward with your RD applications. If it turns out you are not accepted (or reject their acceptance) you can then submit (if you haven’t already) the RD apps.
RUN THE NPC. You need to know whether the college will be affordable. If you have a low EFC, UPenn is likely to be a very good deal financially speaking. If you have a mid to high EFC, the situation’s different. You need to check and know ahead of time and talk about it with your parents to see if the number matches their budget (which you can complement by working part time and/or over the summer).
You can ask for a review of your FA if the package is not sufficient, highlighting areas they may have misunderstood. But if you turn them down, there’s no guarantee you’ll get a better offer from another college in the RD round. And of course you can’t reapply RD to the college you turned down ED, you have to apply to other colleges.
You should apply to Rolling Admissions and Early Action colleges at the same time as your ED application and keep at your RD applications’ supplements (working on the supplements between November and December).
It does not make sense to apply to a school ED without knowing if it is affordable or not. Why wait your time, money, and chance on a school that it is not affordable. You will feel even worse if you get accepted by a reach school but cannot attend at the end.
You really can’t reject an ED offer if the FA isn’t good enought, then accept one from another school in RD that is no better. If you can provide any details on what is complicated about their finances, we may have advice on how to get a more accurate estimate. Do you have a financial safety in your RD list that you KNOW you can afford and get accepted to?