<p>When is the only time you are allowed to get out of the Early Decision contract? I have heard that when applying to a college on Early Desicion, it is considered a contract in that once accepted, one must attend college. I have read somewhere that one can get out of the Early Decision contract if one is unable to financially able to pay for the college. Is this true? If true what is meant by financially able to? Is it like if you are unable to pay $5,000 or more, but able to pay the rest, you an get out of the contract?</p>
<p>The official answer most schools will give you is that Early Decision is binding and you must enroll if you become accepted whatever the circumstance. Getting out of Early Decision is usually done on a case-by-case basis depending on the school. You should be very serious about Early Decision because sometimes you might not get an official financial aid package with your offer. Different schools have different rates and fees, so being "financially able" is relative to the school's costs.</p>
<p>But lets say you are unable to pay part of the tuition can you get out of the contract?</p>
<p>It depends on the definition of "unable". Colleges will generally look at least at your EFC and expect you to pay that amount. That is frequently more than families think they can, in fact, pay. If a school meets the difference between the cost of attendance and your EFC (and that can be solely in the form of loans, BTW), it is unlikely that it will let you out of the contract as "unable to pay." You may not want to pay, but that's a different issue.</p>
<p>So before you apply ED, make sure you know what your EFC is, and that you and your parents will in fact be able to pay that much for you to attend school.</p>