Reply to How does Early Decision for a financial standpoint?

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[quote=Anonymous][quote=Anonymous]Our DD is applying to colleges next year and we're not sure how ED works from a financial standpoint. We get that you are committing yourself to that school if you get in, but we'll need aid or scholarship money to pretty much any school. If you apply for ED and are accepted but not given any aid from the school, are you still on the hook? How can you force someone to go to a school you can't afford....  [/quote]

You are advised to run your data through the school's net price calculator, which will get you an estimate of what your aid package would look like, before submitting the ED application.

If you are admitted to the school, a financial aid award will be made at the same time. If the amount of aid is lower than what the Net Price Calculator projected (assuming data provided was consistent) you can get out of the agreement. You can also get out of the agreement if your financial situation dramatically changes from when you submitted the application (e.g. job loss / death of parent / accident where parent becomes disabled).

Otherwise you are on the hook to say yes. They can't really force you to attend and I don't think anyone has been sued, but they could very well tell other schools yoru child is applying to that you reneged on an ED agreement, and it creates problems for your child and their high school counselor (who is also supposed to sign that they have advised your child of the seriousness of the ED agreement. [/quote]

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