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This topic scares me...
What if I apply to an ED, get accepted, but then get a lousy finad package? Imagine its so low, theres no way I could attend that university. I then obviously turn that offer down.

However, could I apply to others schools RD then? Please help, this is uncertainty is killing me.

By Voronwe (Voronwe) on Tuesday, October 05, 2004 - 01:07 pm: Edit

This is why you emphatically DO NOT APPLY ED if you have to compare financial aid packages, because NO, you cannot then apply RD somewhere else!

Someone -your GC probaby - shold have told you this. Then there would be no uncertainty!

By Demingy (Demingy) on Tuesday, October 05, 2004 - 01:07 pm: Edit

If financial aid is a big factor for you, then it really isn't a good idea to apply ED. There are many posts on this subject, and if you look at some school websites you'll see that their policies vary as far as letting someone out of the ED contract. These policies are strict, and some schools will only let you out of the contract for financial reasons with the understanding that you will only apply to lower cost schools (usually your state public schools).

By Chinaman (Chinaman) on Tuesday, October 05, 2004 - 01:26 pm: Edit

I would like to know more data on this aspects as the few avialable data may not give right picture. I know few cases in last few years where EA/ED money came through what the parents expected or better than their expectations. We know only one case where one kid who applied ED did get full financial aid plus money for summer research work from an IVY.

By Demingy (Demingy) on Tuesday, October 05, 2004 - 01:38 pm: Edit

If you think about it, it really doesn't make sense for colleges to give "excellent" financial aid to their EA/ED candidates (especially ED) since the understanding is that the student has to attend no matter what if they are accepted ED. Many colleges tend to give more financial aid to the students that they feel may be more "on the fence" and they'd like to woo.

I'm not sure where any data could be found re: financial aid specifically for EA/ED students, but I do know that when financial aid is an important factor for a student they absolutely should NOT apply ED.

By Chinaman (Chinaman) on Tuesday, October 05, 2004 - 01:47 pm: Edit

Demingy:

I agree with you that people should be careful with ED but I am not so sure with EA. All the kids who have apllied EA and some ED (I would caution on ED) have gotten good money. On other hand these kids were very excellent grades and ECs from public and private schools. What the adcom have told us that if you are ranked 6 out 6 as per some ranking and have outsatnding ECS, there is no way to wait. And the results in my private small sample of 20-25 kid is same. Each one did receive an excellent offer from the ultra elite schools. It is a different thing that they may have chosen to matricuate somewhere else.

By Demingy (Demingy) on Tuesday, October 05, 2004 - 01:54 pm: Edit

This thread started out by asking about ED though. EA is different because it is non-binding. I mentioned EA as well because I didn't think that it would make sense for schools to award too much on EA, but I could be wrong on that.

But really, I was just trying to let the OP know that they shouldn't apply ED (which is binding) if they are concerned about financial aid.

By Keats (Keats) on Tuesday, October 05, 2004 - 02:06 pm: Edit

My child did apply ED, and financial aid was a consideration, but here is what was done before deciding to apply: 1)went on the school's website and estimated the aid 2) made sure that we were willing/able to pay what was indicated
3)made sure that there was an ED "out" if the finacial aid pkg was for some reason out of line (it was not; nearly identical to estimate).

We made alot of the financial decisions before ED time, as there were full-shot offers and merit possibilities to weigh, as I think is the case for a lot of kids who might be admitted to top schools. But beyond money, a lot of the decisions had to do with what kind of school was best for this kid, and what was wanted: one with an honor's program,for example, or a large state school vs. a smaller one,etc. If we had wanted "free", this "first choice" school would not have been applied to at all, let alone ED. It was a choice.
The thing is, the financial aid is extremely generous at some top colleges , and kids who want to go to these schools are incredibly fortunate to have this aid if they get in.

By Jamimom (Jamimom) on Tuesday, October 05, 2004 - 03:24 pm: Edit

Every reliable source of college advice says, "Do not apply ED if you NEED a certain amount of financial aid or WANT to compare offers or WANT merit awards". Yes, you can get out of ED if you cannot come up with the money the school requires from you. But the problem is that when you are accepted ED, your name is circulated on the ED acceptance list that is available to colleges, some of which cross check against their applications, and will sometimes just drop you from consideration. In the time it takes to talk to financial aid and see if something can be worked out and then deciding that it is a true impossibility, you can lose consideration at other schools, even if you are truly a victim of circumstances (such as a young lady I know whose father needed a bone marrow transplant, and decided to stay locally for college rather than going away to her first choice school--situation arose after ED mailing). Bear in mind that even if you are able to contact all of your schools and explain the situation, many of them are not going to be impressed with your reason for backing out when so much literature and advice is out there warning anyone who wants to compare aid offers or needs financial aid that ED is not recommended for them. If you are smart enough to be a viable candidate for super select schools, you should be smart enough to know what the implications of ED are.

By Lfill (Lfill) on Tuesday, October 05, 2004 - 03:37 pm: Edit

What I've often seen is ED applicants getting their need met, but often with loans rather than grants. Colleges save the grant dollars for candidates they are competing for.

By Keats (Keats) on Tuesday, October 05, 2004 - 04:31 pm: Edit

Jamimom, what I meant to convey was that some people check out the financial aid considerations and various options thoroughly ahead of time, fully aware that (if the student is accepted ED) they will not be comparing specific offers afterwards. FWIW, in our case the school has a "no loan" policy, and that made a huge difference for us. Having need met but with mountains of debt is not very appealing, as Lfill suggests. That is why the original poster has to know the policies of his/her school very well, and as you say, someone who WANTS to compare actual offers side by side should not go ED.