<p>For example, you expected a certain amount of merit or need-based aid and just didn't receive enough. Do you have any options, or will you be paying off loans for the rest of your life?</p>
<p>actually, thats the only way to get out of an ED agreement. if you can PROVE financial hardship, then they won't keep you. but its apparently very very ahrd to do that, counselors at my school say that if you probably can't pay for it, don't apply binding decisions</p>
<p>Proving "financial hardship" can be difficult, especially if you are only talking about being disatisfied with your merit award not your need-based aid. That simply won't cut it as a case of "financial hardship" at most schools. Additionally, if a school has offered you loans, they consider that having met your need so they won't buy the "but it's a financial hardship for me to have to take loans out" slant. If you don't qualify for need-based financial aid due to family income, you will have a hard time proving "financial hardship" unless your family circumstances have significantly changed. </p>
<p>Colleges/Universities will simply see your trying to get out of ED as trying to shop for a "better" merit award. This is why so many people here stress the importance of NOT applying ED if you want the chance to compare merit awards or if you need significant financial aid: you are agreeing to give up the right to do so in exchange for hearing early and, in most cases, boosting your chances of admissions.</p>
<p>It is always possible to get out of an ED agreement, of course, but there are consequences. For instance, some elite schools share their ED acceptance lists, so it is possible to be "black balled" at a few other schools if you apply ED and then don't attend. It can also, in some cases, negatively affect your school's relationship with the school, making it harder for future students to get in (one of the reasons why many high schools get so upset when kids try to renege on ED acceptances).</p>
<p>Finally, you are not necessarily condemned to paying off loans for the rest of your life --- there may be additional merit awards reserved for upperclassmen that you might qualify for down the road, or if your family's circumstances do change (perhaps due to another child entering college or private high school) you can always reapply for financial aid.</p>
<p>So, weigh the decision of whether to try to get out of an ED acceptance carefully, consider what your chances of getting more merit at other schools still accepting applications might be. It can't hurt to see if the college/university might negotiate a bit on the amount of your merit award as well (although the more elite schools typically do not negotiate - but it never hurts to ask. :) )
But most importantly, if you're pretty sure you're going to turn down the ED acceptance, do so BEFORE applying elsewhere, because if the ED school discovers that you have applied elsewhere after they accepted you, there is a distinct possibility they may rescind their ED acceptances AND let the other schools know which could influence those schools' decisions.</p>