@Much2learn
I believe we’ve responded to each others posts in the past, so I’m surprised by the insinuations present in your last missive. Just to be clear, I’m an alum of both Chicago and Penn - it’s why I post in both these forums. Further, I’m aware that the officially endorsed shorthands for both these schools are UChicago and Penn. Nevertheless, for variety in my posts (and to thumb my nose a little at each school’s insistence on their chosen monikers), I occassionally refer to UChicago as Chicago, or U of C. At times, I refer to Penn as UPenn.
Initial commentary aside, I’m disappointed by the themes present in your post. Penn changed their ED policy THIS year, in a way that restricts student latitude, and my argument is this raises the level of inequity present in early decision at Penn. Further, I’m fairly sure I describe the situation that spurred Penn to change their policy (namely, students opting out of their ED agreement).
Here’s your thesis: “Top students need to decide whether they are committed to attending Penn, if admitted, and paying the parental contribution. If a student is not clear on that, they should not apply ED.”
You state this matter of factly, but it presents the unfairness present in ED - it entirely favors the school. I believe that, in past years, some students rightfully tested the limits of the policy, and dove into the grey areas of what wasn’t expressly prohibited.
As seen in @runswimyoga post, UPenn asks the family to present what they believe they can afford to pay. Penn might not actually cover the difference. This is for institutional protection, of course - many families (no matter how wealthy) probably underestimate how much they’re willing to pay. At the same time, this is exactly why students like to compare options from different colleges - they can compare which package best matches THEIR own idea of what they’re willing to pay. (With the presumption that any family would prefer to pay close to $0 for the best education possible.)
Any student should have the latitude to compare packages and make a decision that’s the most financially advantageous (note - I didn’t say financially feasible) decision for them. ED takes away from that ability. Restrictive ED takes away from that ability even more. Even other Penn posters (like @Penn95) believe this policy change to be petty. Your posts, however, seem to defend a policy that’s heightening inequities.
You state that any applicant who opts out of the ED agreement “breaks the rules” - but these are rules Penn created (and tightened this year) purely for its own benefit! There is inherent unfairness in these rules. Outside of the administration, who would state this so matter of factly? All parents and applicants should lament ED, and restrictive ED specifically.
For a discussion of how Penn pioneered this unfortunate system, see this article on the “Early Decision Racket”: http://www.theatlantic.com/magazine/archive/2001/09/the-early-decision-racket/302280/.
Finally, I think I’m quite clear on how ED works in practice. My assertions (that a tiny fraction of ED admits tried to leverage other options), in fact, likely provided Penn with the reasoning it needed to change its rules this year. How you describe ED is most likely how it will work in the future, as Penn has tightened their rules because of students (justly, in my view) adroitly managing their options.
But, all rules for the benefit of the school, and all glory to UPenn!