<p>I am planning on applying to one school as Early Decision, thing is, while it's a great school, I'm not sure I can pay for it ($47,000 /w R&B)</p>
<p>Well, technically I can't pay for any college, since I have no scholarships, nor expect any with my stats. How often do people get full rides with combination of loans & financial aid?</p>
<p>This is something you need to talk with your parents about. Let them know this school is your favorite one and your ideal choice. If they agree with you and would want you to go, you need to explain how you want to do ED there but tell them about the cost and if they would be willing to pay for it without any financial aid. If your family really cannot afford that school it may be best to not do ED or do ED somewhere else.</p>
<p>So your saying loans are not the way to go?</p>
<p>If money is an issue, it's almost always not a good idea to apply ED. Even for financial reasons, it's typically difficult to get out of ED acceptances.</p>
<p>Amacfa, loans can be a great way to go and tremendous help to students, the problem is how much money you're borrowing and how much it will amount to by the time you graduate. When you're young and you've never lived with the burden of huge debt before, it's easy to very casually think, I'll just borrow whatever I need. Resist! You may well have to borrow (probably will) but you want to borrow as little as you can. The problem with ED is even if the school promises to meet 100% of need (few schools do), if a big part of your need is being met with loans then you can dig yourself into a hole you'll have a hard time ever getting out of.</p>
<p>If you, as you posted, don't have the stats for one of the richest, hardest-to-get-into colleges in the country (think Harvard, Princeton, etc.), or have some super-amazing giant scholarship from Bill Gates or something like that, then you really shouldn't be thinking of applying ED. You can definitely apply Regular Decision to your dream school, but if they accept you then you'll have a chance to review the aid package they offer you and compare it to others and make a solid choice about where to go.</p>
<p>you have gotten some good information...I realize that there have been some recent posts about students applying ED even if they need financial aid, but I would recommend that only if four circumstances exist:</p>
<ol>
<li><p>The school does not include loans as part of the financial aid package</p></li>
<li><p>The school agrees to meet 100% of demonstrated need</p></li>
<li><p>You have had a frank discussion with your parents regarding their ability and desire to pay the calculated EFC. This includes using several EFC calculators with accurate figures and all family members understand that the school itself calculates the demonstrated need.</p></li>
<li><p>The school is absolutely the student's top choice and the student is willing to sacrifice, work hard over the summer earning money, etc.</p></li>
</ol>
<p>hsmomstef, I think that's a great list of criteria. I think an ED app for students with need can make sense in limited circumstances, but they are indeed limited, and you covered it very succinctly.</p>
<p>If all four points you list are not a go, then ED for students with financial need is probably a bad idea. Even if they're all met there are a few finer points to address, but at least it's worth considering.</p>
<p>I probably should have added a 5th point...</p>
<ol>
<li>Both student and parents understand that another school may give them a larger aid package, due to either a more generous calculation of need and/or the inclusion of merit aid. Therefore, by applying ED, the opportunity to compare FA packages is lost.</li>
</ol>
<p>Is it even possible for an 18 year without credit to get a $20,000 school loan right now? even if going into debt were not a consideration?</p>