<p>I will be forced to make a hard decision next year. I want to apply to a school early decision that does not allow you to apply early action anywhere else. I also want to apply to the University of Miami and have the best possible shot at getting some sort of merit money. I know that if you apply early action/decision, you have more of chance of getting money than those who apply RD. My quesion is, if i decide to apply ED to my first choice (UM being my second), will submitting my RD application REALLY early, like November/October (deadline = February), help my chances of getting money??? I guess it depends on how they look at the applications, do they look at them and decide as the come in or do they wait?? Does it depend on the school? What should I do? Does ANYONE have an insight/suggestions for me?</p>
<p>thanks alot</p>
<p>When you apply RD, it doesn't help you to get more money by applying early. The financial aid application can not be filed before Jan 1st in any case because the FAFSA form isn't accepted by the govt until then. FA decisions do not come out until April. </p>
<p>Also, applying ED does not help you get more money. I realize that I am challenging all the assumptions in your post, so let me explain. Need-based aid is calculated as follows: Each college has its own COA (cost of attendance) that includes tuition, room & board, books, and typical misc expenses. Then each applicant fills out the FAFSA (and possibly the CSS/Profile). The college will calculate what they feel is a good EFC (estimated family contribution) for you. They then subtract your EFC from their COA to give your NEED. They will try to satisfy your NEED with a combination of grants (free money), loans and jobs. The standard advice is that it is a bad idea to apply ED if you need significant financial aid. The reasons are: 1) You don't get to compare FA packages. If your need is $20K per year, one college may give you $18K in grants and $2K in loans while a second college may give you $10K in grants and $10K in loans. Both colleges have met your need, but the first college is obviously better. If you apply ED, you can not compare FA packages, but you have to take whatever they offer you. 2) It is true that you don't have to attend an ED college unless they meet your financial need, but it is also true that they may feel that it is perfectly reasonable for you to pay $20K per year for college. This may be your EFC, but you don't know it. You should go to one of the EFC estimators on the web such as the one at College Board and see what your EFC is likely to be.</p>
<p>The basic system is set up so that the rich pay full price and the poor pay nothing. The problems with the basic system are: 1) They define rich at a pretty low level so that a family with a combined income of $100K is not going to get a lot of aid. 2) There is no guarantee that a college will meet all of your need, although they try, particularly the elite ones.</p>