<p>I really love Columbia, and applying ED historically increases one's chances, but is this the wrong step in terms of financial aid? Does anyone have any experience with getting limited financial aid due to applying ED? I want to be able to keep my options open.</p>
<p>“I want to be able to keep my options open.”
No, you should not apply ED to Columbia.</p>
<p>as r0ad said, keeping your options open basically means that ED is out of the question. It limits your options to just Columbia if you get in. Columbia meets 100% of need, but plenty of people still get screwed over because they can’t afford the expected contribution. It’s a risk you have to take with ED. You can turn down ED, but then you pretty much have to go to a cheaper state school.</p>
<p>Thanks guys. That’s the one thing that I’m scared of. Maybe ED isn’t right for me. Can anyone give me any insight on how Columbia’s financial aid is?</p>
<p>one of the colleges I visited last week said that they give you your FA package with your acceptance. So if you still can’t afford it, you are allowed to apply elsewhere and go to another school. So even though ED is binding, if you still can’t afford the school, that is an exception.</p>
<p>I don’t know if Columbia has this policy or not, but it probably does. No school can force someone to pay more than they can afford. You should ask them about it.</p>
<p>While it’s technically true that you can walk away from an ED package if you can’t afford it, you’ll generally be blacklisted by all the private colleges (and justifiably so, since you said you couldn’t afford it) and end up having to go to a cheaper state school. If you’re concerned about finances, I’d advise you not to apply ED. Columbia guarantees 100% of need, but that may be less than what you think you need. Generally speaking, if you make less than $60K/year, you’ll get a free ride; if you’re between $60K and $100K the cost is very reduced (about 10% of income, so less than $10K/year); if you’re between $100K and, say, $180K, the cost could be anywhere from $20K to $50K; and if you’re over $200K, you really shouldn’t worry about whether or not you can afford it! Of course, it depends on your exact financial situation and particularly, whether or not you have siblings in college.</p>