Applying early decision when you need financial aid

[Anonymous]

I know many schools say their early decision applications are financially binding, but what happens if your child applies ED and doesn't get the financial aid package you were expecting? Does anyone know to what extent this is really enforceable?

On the one hand, I understand that schools can't give financial aid to everyone and they need a certain percentage of students who can pay full price. But at the same time, it does seem somewhat unfair that kids from wealthy families are subject to lower admissions standards (and yes, I realize that this double standard is nothing new in the world of college admissions, but it still irks).

If your child had his or her heart set on a certain, very selective school and you knew you could only afford that school with a good financial aid package, would you still allow him/her to apply early decision (knowing the odds of an ED admission were significantly better)?

[Anonymous]

I didn't think you were allowed to apply ED if you can't attend without aid.

[Anonymous]

Don't do it. I did it in the mid-90's because the very selective school in question promised verbally I would get a particular full-ride scholarship. I was uninformed, my parents knew nothing about colleges and our guidance counselor knew less so we just went along. When I got in ED they of course did not award me any aid or scholarships.

They sent a bill and harassed us a bit when I couldn't go but dropped it once I sent a letter setting out who in admissions I'd talked to, the date they had assured me of a scholarship, etc. Besides, there is a reason I couldn't go -- no $$. So not worth suing me. But it was pretty scummy to do that to a poor Appalachian kid.

I learned a lot of lessons with that particular experience -- especially to get things in writing, and to not trust people to do what they say they will. Hard lessons at 16 and first of your family to go to college.

[Anonymous]

OP -- do the FA calculator online (Princeton Univ. has a good one). You can "guesstimate" how much you will get. What is your approximate HHI? On or more kids? Debt ration? You can make an educated guess.

[Anonymous]

Anonymous wrote:OP -- do the FA calculator online (Princeton Univ. has a good one). You can "guesstimate" how much you will get. What is your approximate HHI? On or more kids? Debt ration? You can make an educated guess.

This is the OP. Am posting for a friend (my own family isn't to this stage yet) but I know she's done the calculators and has good reason to believe they would qualify for the financial aid package they need. The problem, of course, is that there are no guarantees.

Income is in the $250K range for a family of 6. They do have a 529 but it definitely wouldn't be sufficient to cover everything without aid.

[Anonymous]

DD is a junior at a top SLAC. She applied ED and was accepted in early December. Her financial aid/scholarship package came 3 weeks later. She would not have attended without the package they offered. You should ask the school when they send out financial aid packages for ED students.

[Anonymous]

Most of the selective colleges will meet the aid required. The downside of ED is that you have to take the offer, whereas in regular decision you may find that one school offeres a better aid package than another and you can weigh that in considering options.

[Anonymous]

$250K for a family of 6 won't be considered "very needy"...they will get a little but not a lot in some schools. Some lower tiered schools might offer merit aid if the student has good SATs/grades.

[Anonymous]

Anonymous wrote:Most of the selective colleges will meet the aid required. The downside of ED is that you have to take the offer, whereas in regular decision you may find that one school offeres a better aid package than another and you can weigh that in considering options.

That's an excellent point but in this case, I'm pretty sure the student has her heart absolutely set on the (very selective/expensive) school in question.

So I guess the bottom line is would you take the risk of applying early decision? And does anyone know to what extent schools can enforce the "financially binding" part of the ED application? thx

[Anonymous]

Anonymous wrote:

Anonymous wrote:Most of the selective colleges will meet the aid required. The downside of ED is that you have to take the offer, whereas in regular decision you may find that one school offeres a better aid package than another and you can weigh that in considering options.

That's an excellent point but in this case, I'm pretty sure the student has her heart absolutely set on the (very selective/expensive) school in question.

So I guess the bottom line is would you take the risk of applying early decision? And does anyone know to what extent schools can enforce the "financially binding" part of the ED application? thx

They really need to ask the school or their guidance counselor this question. Based on numbers I've seen (put out by schools) there always seem to be 2-3 kids who dont end up accepting the ED offer, presumably for financial reasons but who knows.

The "very selective" schools are very likely to meet the full financial need per the FAFSA. These schools are also more likely to do financial aid rather than merit aid, so the family needs to make sure they can meet the rest of the tuition before applying.

If the kid is set on going and the family is prepared to pay their portion of tuition then sure, it's worth a shot. ED can provide an admissions boost but is certainly not a guarantee.

[Anonymous]

It all depends on the ED contract. Read it, before you apply. Some contracts have an out for financial reasons, others don't. The basic rule is if you can't afford to pay full freight, don't apply. Harvard, Princeton, and Yale will basically make sure its affordable for you, but beyond that not necessarily.

[Anonymous]

This is a thoughtful, and unusually candid for an AD, discussion of issues related to applying early.

http://thechoice.blogs.nytimes.com/2012/10/30/guidance-office-early-admission-2/?src=twrhp

[Anonymous]

Anonymous wrote:This is a thoughtful, and unusually candid for an AD, discussion of issues related to applying early.

http://thechoice.blogs.nytimes.com/2012/10/30/guidance-office-early-admission-2/?src=twrhp

Thanks for posting this link -- the Q&A is quite informative.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Most of the selective colleges will meet the aid required. The downside of ED is that you have to take the offer, whereas in regular decision you may find that one school offeres a better aid package than another and you can weigh that in considering options.

That's an excellent point but in this case, I'm pretty sure the student has her heart absolutely set on the (very selective/expensive) school in question.

So I guess the bottom line is would you take the risk of applying early decision? And does anyone know to what extent schools can enforce the "financially binding" part of the ED application? thx

It is a contract. It is legally binding in every way. If you really need financial aid to attend college, you should not apply ED. You need to wait and see what schools will offer you to attend.

[Anonymous]

Anonymous wrote:$250K for a family of 6 won't be considered "very needy"...they will get a little but not a lot in some schools. Some lower tiered schools might offer merit aid if the student has good SATs/grades.

I agree, she won't get much aid with that HHI.

I wouldn't apply ED - it's showing all your cards (college is student's first choice) and it disincentivizes the school to give her merit aid.