<p>So everyone keeps encouraging me to apply early decision to the school that is my first choice. But I'm wondering how this affects financial aid. I've heard that my first choice school gives great financial aid, but my family financial situation is weird and I'm not sure how much aid I would be given. I would not be able to attend if I had to pay close to full tuition. So what happens if I apply ED and then get my financial aid package back later only to see that I won't be able to afford it? </p>
<p>P.S. I know next to nothing about all the Financial Aid stuff.</p>
<p>Not a stupid question at all.</p>
<p>If the financial aid award isn’t sufficient to permit you to attend, you are allowed to say “no.” It’s the only situation in which a binding early decision offer isn’t binding.</p>
<p>But, if you have a “weird” financial aid situation, I (and most everyone else on this forum) would recommend that you apply regular decision instead . . . so that you can compare the financial aid offers you receive and go with the one that works the best for you. The problem with ED is that you have no chance to compare - it’s just “take it or leave it.”</p>
<p>By the way, you wouldn’t get your financial aid package “later” - it should come at about the same time as your acceptance letter. And then you will have a short period of time in which to decide whether or not the financial aid offer is enough…</p>
<p>If you’re concerned about finances, you should not do ED. You can appeal your package should it be unaffordable but if ultimately you can’t afford it, you’ll have to withdraw. This can affect your admission chances at other schools- The U can go through your highschool to find what other schools you applied to and contact the colleges to let them know you broke the contract, or submit your name to a pool of schools that look out for this kind of thing.</p>
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<p>Absolutely untrue! You are absolutely permitted to decline the offer of admission if the financial aid you receive is insufficient. And it is up to YOU to decide if it’s sufficient . . . not the school. If the school makes what it thinks is a reasonable offer, but it is still more than your family can afford, you just say “no,” and that’s the end of it. There is no “broken contract,” there are no punitive consequences. You just lose your chance to attend that school.</p>
<p>And, yes, as Pancaked noted, you can appeal the financial aid offer . . . but there is no guarantee that your appeal would be granted.</p>
<p>Sorry for being unclear-- You are permitted to decline the offer, I merely meant that breaking the ED contract can affect admission chances. In the case of an inadequate financial aid package, that should not be the case, assuming the package truly is inadequate.</p>
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<p>Inadequacy, like beauty, is in the eye of the beholder. In other words, the OP does not have to prove that the package “truly is inadequate.” A simple “thanks for the offer but I just can’t afford it” is quite sufficient.</p>
<p>Are you suggesting that in any situation, a student can break their ED contract and just say it was unaffordable? Why doesn’t everyone do this? You could apply ED wherever you want with no concern about the finances.</p>
<p>I understand nothing is truly legally binding about these contracts, and I also know that colleges do attempt to “blacklist” students who break the contract without a good reason-- why wouldn’t everyone just claim it was unaffordable…?</p>
<p>Well, first, I don’t think people are running around trying to find ways out of their ED contracts. After all, they applied ED for a reason!</p>
<p>But, not everyone applies for financial aid. And some probably get the full cost of attendance covered. For anyone else, I guess they could claim it was unaffordable. Who cares? I would suspect that those who abuse the privilege are such a small minority, it’s not worth pursuing.</p>
<p>Thanks for the info. Very helpful. :)</p>
<p>A lot of students do apply ED. But it’s not so simple to just say, “no thank you” in a vacuum. Most kids who apply ED, do so because they truly want to go that school. The momentum is to go there. When you get a financial aid package that is truly unaffordable, yes, you can say, nope, not going. It is that simple. But what usually happens is that you get a package that is affordable…maybe. More than your parents want to pay…but maybe doable. The question then becomes what other schools might be offer. If, say, you applied a 5 like schools and the packages were simialr, you realize that that is the going rate for you and you aren’t going to be getting much better in that category of schools. So you and your parents, bite the bullet and work it out. Or you find out that the favorite school is offering a very weak package and you can do alot better with like schools. Maybe some full rides roll in. Maybe your first choice is not your first choice any more at that price. The problem with ED is that you have to make that decision without seeing what the otehr offers are going to be. You can’t even sort of negotiate and show that a comparable school is offering much more. It’s take it or leave it. You leave it, you just gave up your first choice school and it may be the best package you are going to get, you just don’t know it yet. That is waht you give up when you apply ED with fin aid. </p>
<p>Even without financail aid, I see a lot of “buyer’s remorse” with ED. Everyone is so focused in getting into that first choice school, and then when it’s a done deal and the price starts to sink in and you see others with similar stats in your class getting honors college offers with full rides while your parents are worrying about borrowing money and you HAVE to get that job in the summer, you might begin to wonder. The big MO, momentum is often what drives ED.</p>
<p>cpt, that is one of the most easy to understand comments about the pros and cons of ED that I’ve seen over time.</p>