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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I think more people back out of ED than you may think. My husband and I saw a stat recently (wish I could remember where) that showed an ED rate for a school and those who were accepted ED and those who actually attended were quite different numbers.
I remember it because we had a discussion about how quite a few people must back out.
I thought that if you were accepted ED but did not get enough aid you could get out of the arrangement. 
We would follow the rules as I think that is appropriate but it seems reasonable for people to back out of ED if they can’t afford it.
Why do the schools have all the power? [/quote]

Yes, you can always back out for financial reasons.  However, if Fafsa says you are full pay and you can't afford it, then that is not an excuse.  So UMC who make too much for need based aid according to the govt, but who don't have $320K saved for 4 years of college cannot back out easily.  This is more for "my contribution is $10K and if the university doesn't give me the other $70K then I can back out".

Schools don't have all the power, they only do if you allow it. Simply don't do ED if it's not the best choice for you (and that includes financial issues).  There are TONS of excellent schools that are affordable---they may not be T50 but they are still places your kid can get an excellent education and more importantly do so without going into major debt.  It's only those obsessed with Top/elite schools that have this issue.

I'm in another state, but our 2nd big school in the state is ranked in T200 and costs ~$25K/year.  It's a great school, and I know many who go there for financial reasons and do the honors program to find their cohorts (think "smarter group of kids who could have gone to a T100 or T50 school but can't afford it or want to stay closer to home") With our high minimum wage in the state, the school is truly affordable if student can live at home during summer and work. Sure it's not Harvard, but it's an excellent school with almost all majors you could want and plenty of really smart kids attending.

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The FAFSA alone does not determine your aid at some schools and in reality, the school's EFC and the FAFSA's EFC are different. In addition, the schools my kids applied to have an explicit warning that the NPC is only an estimate and the final aid package is something that may only be determined through actual review. [/quote]

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