<p>Two days ago, my father lost his job. He will be phased out over the next few months, and will be completely out in the first quarter of next year.
I've been planning to do ED to Wesleyan for the past few months, and I'm ready to submit everything. My parents said to go ahead and do ED, and I know I can back out of the agreement for financial reasons. But is it irresponsible to apply ED knowing very well I may have to back out of it? My mom is still working, and I'm scared fin aid still won't be sufficient. Plus, I'm scared of 1. how much stress I'll be putting on the family and 2. the pain of rejecting my first choice. I would love some input. Thanks!</p>
<p>It seems the simplest approach would be to call Wesleyan and ask them this question. You could choose to ask it without giving your name, or alternatively, being specific with them and letting them know your exact situation.</p>
<p>In general, with early decision, is it binding if the financial aid package is impossible? </p>
<p>Good luck.</p>
<p>Were you planning to apply for need-based financial aid? If not, are you planning to do so now? I would suggest calling the financial aid office and discussing the situation with them. Perhaps they can give you an informal “early read” on how much fin aid you might receive. Then you will at least have some facts. If it looks like there is no way you family can afford it, there’s really no point to applying ED. On the other hand, if your conversation with the fin aid office is positive, go for it and see what happens. ED is not binding if the fin aid pkg is insufficient. Good luck.</p>
<p>I meant also to say that I hope your family’s financial situation corrects itself soon. This is a tough break at an important moment in your life. Perhaps by the time your dad is completely out of this particular job, a better job will be available to him.</p>
<p>If you’re good enough to have a chance to Wesleyan, you have the stats to get excellent merit aid that would more than likely make college cheaper than you’d get with need-based aid even if your dad loses his job. Given your dad’s job situation, I suggest applying RD and making sure that you have financial safeties in the mix that you love and that are likely to give you generous merit aid making the schools more affordable than Wesleyan is likely to be.</p>
<p>Given the job market and the fact that your dad probably is middle aged (a tough age in which to find work in this market; even if he finds a job, it likely won’t pay as much as does the job he is losing), your dad mah be unemployed for a long time, so it would be best if you don’t apply ED.</p>
<p>It probably would be hard for your parents to tell you this info and to ask you not to apply ED. That’s because it’s hard for parents to shatter the dreams of their beloved and hard-working kids. However, the reality of these times is that it probably would be best for you to apply ED and to open your mind to a wider variety of college options.</p>
<p>I also suggest posting on Parents Forum where you’re likely to get informed replies from parents who’ve been in similar situations.</p>
<p>What rockvillemom wrote. An ‘early read’ of your financial situation can only help. Be very up front about how your parent’s financial situation will (likely) be quite different from what their W2 forms will be reporting for this year. Don’t leave out the human element. Beside the facts, share with them what you shared with us, how much you want to go there. Btw, just that you called is a GREAT indication how important you are taking your decision and will be be looked on favorably as someone being proactive. Make the call yourself, not your parents. It shows maturity and resolve.</p>
<p>I’m terrified for him. He was born and educated outside of the U.S. and worked his way up in the company for 20 years; I don’t think this competitive job market will be cutting him a break. The company is continuing its operations in Montreal (I live in NY) so he’s trying to get a job there, but living and commuting from there will be difficult for my mom and I, financially and otherwise.
I did call the school, and I left a message with a fin aid person that the office forwarded me to. However, the two people I did speak to basically made it sound like a breach of God’s trust if I were to break from the ED agreement, even under the circumstances. They were also very vague about the consequences, if there are any, and that’s something I’m really worried about.
Ha, whether I have a chance, I’m not sure. I’m in love with the school, and I was really putting all my heart into the app. I did an overnight, interview, supplements, and I’ve been waiting for this for a while. Would it be selfish to still apply ED if I really think I wouldn’t be accepted RD?
If I were admitted (slim chances anyway), it would be financially difficult but I don’t know about impossible. I’m trying to learn as much as I can about loans right now, but I’m really confused and annoyed that my parents are telling me to just “go ahead an apply ED,” it’s just not adding up. I wanted to take these few days to perfect my application, but oh well haha…</p>
<p>Thanks to your responses so far, it’s helping me clear my thoughts a lot!</p>
<p>"Would it be selfish to still apply ED if I really think I wouldn’t be accepted RD?
If I were admitted (slim chances anyway), it would be financially difficult but I don’t know about impossible. I’m trying to learn as much as I can about loans right now, but I’m really confused and annoyed that my parents are telling me to just “go ahead an apply ED”</p>
<p>Yes, it would be selfish.</p>
<p>As I mentioned before, your parents are telling you to apply ED because it’s very hard for parents to shatter the academic dreams of their beloved students who’ve worked hard and achieved at a high level. Your parents moved to this country and worked hard here to give you options and an easier life than they had, and now your parents feel they have let you down. They feel ashamed and guilty even though the situation isn’t their fault.</p>
<p>This is your time to step up to the plate and to be unselfish by not applying ED anywhere, and by making sure that you apply to some financial safeties that are likely to give you even more than the need-based aid Wesleyan is likely to offer you if you’re admitted. Certainly, apply Rd to Wesleyan, too. Maybe your family’s financial crisis will be over by the spring, but if finances still are in bad shape in the spring, choose the college offering the best financial deal, and do it as cheerfully as possible so as not to cause your parents even more pain. </p>
<p>To get a large yearly loan for college, you’d need a co-signer, and given the economic market, it would be a bad idea for your parents to cosign and it would be a mistake for you to saddle yourself with large debt to have to repay after graduation. </p>
<p>It also would be a good idea for you to submit careful applications to all outside scholarships that you may qualify for. Your best chance would be for scholarships given to local students, so haunt your GC’s office to get such info, and make sure that your GC knows your family’s financial situation so that can be included in the GC’s recommendation. </p>
<p>Many such scholarships are small, but they can add up. Having financial need is an advantage in most scholarships – even those based mainly on “merit.” Your having strong stats also will help you. Saying this as someone who has served on local and national scholarship committees.</p>
<p>OP - Northstarmom gies you some very good advice. Given your families financial situation, I would not apply anywhere ED. Apply to Wesleyan RD along with several financial safeties.</p>
<p>Your parents do not want to discourage you but you and they will eventually face the financial realities. Also, it is not good to break an ED agreement. Sure, it can be done for financial reasons but it does not look good on you when you do - and it does not look good for your school and those who apply from your school after you.</p>
<p>You ask would it be selfish to still apply ED. unfortunately the answer is yes based on the above.</p>
<p>Still definitely apply to Wesleyan RD - along with others where you can obtain good merit aid - and give yourself choices.</p>
<p>Best of luck</p>
<p>Another in agreement with Northstarmom, you will need to compare aid packages.</p>
<p>Thanks again everyone.
I want to apply so badly, but I know at this point I probably shouldn’t. This sucks, I’ve always pictured myself there.
I’m going to talk with my parents a little more, and Wes fin aid dept. tomorrow, and then I’ll make my final choice.
It’s weird, when I explain my dilemma to friends and teachers, they tell me to still apply and take out loans if need be, very different here haha.</p>
<p>No one is telling you not to apply to your dream school. We are simply saying you should not apply ED, because it would be far more prudent to have a variety of financial options come next spring. You can still apply RD.</p>
<p>Wesleyan is very expensive, but it may provide enough financial aid to make it possible for you to attend; on the other hand, it may not. Therefore you need to also apply to schools that have a lower cost of attendance and/or schools where you might get substantial merit aid.</p>
<p>“it’s weird, when I explain my dilemma to friends and teachers, they tell me to still apply and take out loans if need be”</p>
<p>That’s because they wouldn’t be paying back the loans. Talk is cheap.</p>
<p>Check out this loan repayment calculator to get a rough idea of how much a month you’d be spending to repay your loans. As you do this, realize that many college grads now are lucky to be making minimum wage. Also consider that you’d need to be paying for transportation (A car in good condition is necessary in many places) and room and board. Check classifieds to get an idea of how much rent might be. Usually only rent is included – not heat, electricity, and certainly not your food and other expenses.</p>
<p>[FinAid</a> | Calculators | Loan Calculator](<a href=“http://www.finaid.org/calculators/loanpayments.phtml]FinAid”>http://www.finaid.org/calculators/loanpayments.phtml)</p>
<p>I don’t know if this is true for Wesleyan, but for many colleges, EA applicants don’t get a huge boost. The ED acceptance rates are higher because athletes and legacies are encouraged to apply ED so that they don’t get lost in the RD round. According to a Dartmouth admissions officer who visited my school, ED is just a “feather on the scale.”</p>
<p>If you take out a ton of loans, wouldn’t you be stressed at Wesleyan, knowing the debt you’d eventually have to pay? With that said, I think Wesleyan would give you a considerable amount of fin aid. Top liberal arts colleges tend to be quite generous…</p>
<p>Let us know things go! Good luck.</p>
<p>It’s scary that teachers are out there counseling kids to ignore financial reality and just take loans!</p>