<p>To all parents, thank you for reading my post!</p>
<p>My parents make around 200k or slightly over. I know that even in RD, I doubt my financial aid will be much at all. I have extensively researched universities and have narrowed down my choices to UT in Austin (in state) or UPenn. (I originally also had MIT in mind but now I'm meh about it). I'm in the top 1% of my class so I know I'm in UT for sure but my dream school is Upenn. Do you think it would be a wise choice if I ED for Upenn? I know most of the finaid is given out in the RD to try and attract good candidates, but at the same time, even if I apply for finaid ED, I might not get any if they accept me and I would be forced to go. Therefore I am in a sticky dilema, should I go ED and apply for finaid even though I'll probably get none or barely any but have a higher chance of acceptance or should I wait until RD and apply to some other schools?</p>
<p>**Oh and on a side note with something not related to the thread at all. My parents are so... ignorant gah! They are just plain... stupid (i feel guilty for using that word) when it comes to colleges. They only want me to go to ivies for the "prestige" (thats what they literally said) and will only pay that much money for the "prestige". Wharton has undeniable one of the best business programs in the world but my mom was hesitant to pay for it becuase UPenn is not as "famous" as the other ivies. -.-</p>
<p>Ok i'm done ranting, I wish my parents were more involved with my life and care about the colleges like the parents on this forum are vs. being ignorant and going ivy crazy. -.-</p>
<p>But anyhoo, if anybody can help me with this dilema, please do!</p>
<p>Tell her it’s the only Ivy with a B-School undergrad except the Labor Relations degree at Cornell. It’s also consistently been ranked the best. I’d say go for it, 200k won’t get need-based aid really. Make sure your parents are willing to pay though, before they sign the agreement and send it in.</p>
<p>There are no merit scholarships anyway. The only aid would be need-based and at your income it’s not likely. If there is any need-based aid at UPenn with your income, it would be awarded along the same policies whether you apply ED or RD – although, like I said, I don’t believe there will be any.</p>
<p>But, no, they don’t reserve money in RD to attract the best students, because all aid is need-based.</p>
<p>Have they said they will pay the full cost?</p>
<p>If they’re willing to pay your EFC(I’d run it for them and show it to them on like fafsa4caster or something) then go for it…If not, I’d wait for RD</p>
<p>Parents can be wired strangely and I never understood not communicating frankly with your children on what you can and cannot afford. If you are unsure if your parents can meet the obligation or are willing to meet the obligation, (and if they are not willing to speak with you about it) you can apply ED and if you get accepted, bow out of the contract via the financial “can’t afford to attend” clause. (I am not a huge fan of this attitude, but the clause is written in almost every ED contract) Just because your parents make 200K a year does not mean they are not using every bit for mortgage, cars, etc, and may not be willing to tighten up to make this school happen for you. Or can’t tighten up because their home is valued far less than what is owed, etc. Most ED contracts do not prohibit you to applying at your state flagship which I am assuming UT is. McComb’s business school is nothing to sneeze at, but if your parents are prestige seekers, it could be an issue for them.</p>
<p>Since you won’t get ANY financial aid with a $200k income, you MUST get assurances from your parents that they will pay the $55k per year for UPenn. </p>
<p>If they say, “no way,” then absolutely do NOT apply ED. If they say, “sure, that’s affordable,” then go for it. But, in the meantime, get a list of other reaches, matches, and safeties…for just in case…</p>