Reply to “ED is to locked down full payers”

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Why do so many posters think this?  In my kid’s friends group, everyone doing ED at a selective school is looking for financial aid. The thought process is that (1) ED typically has higher admit rates and (2) you can withdraw if you don’t like the package.

Are people implying need blind schools reject FA kids at higher rates during ED? Or do they not realize ED agreements allowing you to back out of the school can met a family’s need? [/quote]

Because merit scholarships to those that don't qualify for need-based aid are a thing - and useful for comparing schools.  Thus a student may have no "demonstrated need" according to FAFSA but would prefer not to spend $80K a year or whatever list price is for a school.[/quote]

If a student wants to compare merit aid with other schools they really are not committed to one school and should not apply ED. [/quote]

The issue isn't comparing merit aid offers; the issue is getting an acceptance from an ED school with NO merit aid.  Families who need merit aid, need merit aid.  They cannot commit blindly in the ED context for that reason.[/quote]

I'm finding that what we can afford and what we want to spend are just different. We were lucky enough to save $100k for college, so $25k per year. My husband and I make $260k so I guess we could afford to pitch in $50k more per year but that means we would have to cut back on retirement and that's just stupid.

I might be able to afford a Lexus but I'm only willing to spend the cost of a Honda.[/quote]

That's entirely reasonable and many financial planners would enthusiastically urge you to do so.

If that is going to be the case, then let your kid know as early as you can, ideally by middle school. And help your DC with examples of schools that would meet the criteria starting around that time. Too many parents who want to buy Hondas don't let their kids with Lexus in their eyes know that until junior or even start of senior year and it can get ugly. And their teens, so of course they may have Lexus in their eyes - the parents just need to make sure they are well aware of the other cars on the lot.[/quote]

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