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How does ED work with financial aid from the school?
When you get accepted ED and you have to commit there, what if you don’t get the scholarships and aid big enough to attend ? - just curious
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4 answers
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Tamara’s Answer
Hey, S,
Each school will be a bit different.
I think the general expectation is if a student applies Early Decision they know for a fact it is their top choice school, and within that some schools assume that means you already know how you're going to finance your education there. That doesn't mean you won't be reviewed for financial aid - but it does mean that some schools may be a little less forgiving with "letting you out" of the ED contract if you're unable to afford it.
On the other side, for many schools, not being able to afford it after receiving your financial aid package is the only way you can bow out of the ED contract.
Call/email the school admissions committee to ask specifically what their policy is for ED. I would suggest email so you have it in writing.
I hope this is helpful.
Dr. Minott
Each school will be a bit different.
I think the general expectation is if a student applies Early Decision they know for a fact it is their top choice school, and within that some schools assume that means you already know how you're going to finance your education there. That doesn't mean you won't be reviewed for financial aid - but it does mean that some schools may be a little less forgiving with "letting you out" of the ED contract if you're unable to afford it.
On the other side, for many schools, not being able to afford it after receiving your financial aid package is the only way you can bow out of the ED contract.
Call/email the school admissions committee to ask specifically what their policy is for ED. I would suggest email so you have it in writing.
I hope this is helpful.
Dr. Minott
Updated
Reema’s Answer
When you choose to submit your application via Early Decision (ED), it means you're making a promise to enroll in that college if they accept you, given that the financial aid they offer is enough to cover your costs. Once they accept you, the college will put together a financial aid package for you. This package is based on the information you provided in your FAFSA and any other financial documents they asked for. If the financial aid they offer, which may include scholarships and grants, isn't enough to meet your financial needs, you generally have the option to ask the college to reconsider their offer. If they adjust the offer and it's still not enough, you might be able to get out of your ED agreement. This way, the ED process makes sure you don't get stuck in a situation where you can't afford to go to the college, even though you're technically bound by the ED agreement.
Updated
Sasha’s Answer
Hello S,
Choosing to apply for early decision can certainly boost your chances of securing a spot at your dream university. However, it's important to be aware that this choice may also restrict your financial aid opportunities. As an early decision applicant, you're making a commitment to attend that university if accepted, which means withdrawing all other college applications. If you're considering this route, it's crucial to take into account the potential financial implications.
In essence, applying for early decision means you're forfeiting the chance to compare financial aid offers from different institutions or negotiate awards. You're pledging to enroll in a particular school if accepted, potentially without knowing the exact cost of attendance (COA). By the time your COA becomes clear, it's likely that application deadlines for other schools will have passed.
Here are some factors that might make early decision a good fit for you:
- You're in the top 10% of your graduating class
- You've taken the most challenging courses available at your high school
- You've demonstrated strong leadership skills at school or in your community, or you've had significant family responsibilities that prevented you from participating in extracurricular activities
- You've thoroughly researched the college/university and it's your top choice
- The acceptance rate for early decision is significantly higher than for regular decision
- The college/university meets full financial need
To maximize your chances of receiving more financial aid under early decision or early action, here are some tips:
1. Submit the Free Application for Federal Student Aid (FAFSA) as early as possible. Waiting too long could mean missing out on institutional grant aid.
2. Be aware of your colleges’ FAFSA deadlines. You may need to submit your FAFSA earlier to receive a financial aid letter with your early acceptance letter.
3. Compare your options. Once your financial aid offer letters arrive, compare them to see which offers the best deal.
4. Don't be afraid to ask for more. If you explain to a college that you want to attend but the financial aid offer falls short, especially compared to another school's offer, you might be able to negotiate a higher financial aid package.
I hope you find this information helpful. Wishing you all the best on your journey!
Choosing to apply for early decision can certainly boost your chances of securing a spot at your dream university. However, it's important to be aware that this choice may also restrict your financial aid opportunities. As an early decision applicant, you're making a commitment to attend that university if accepted, which means withdrawing all other college applications. If you're considering this route, it's crucial to take into account the potential financial implications.
In essence, applying for early decision means you're forfeiting the chance to compare financial aid offers from different institutions or negotiate awards. You're pledging to enroll in a particular school if accepted, potentially without knowing the exact cost of attendance (COA). By the time your COA becomes clear, it's likely that application deadlines for other schools will have passed.
Here are some factors that might make early decision a good fit for you:
- You're in the top 10% of your graduating class
- You've taken the most challenging courses available at your high school
- You've demonstrated strong leadership skills at school or in your community, or you've had significant family responsibilities that prevented you from participating in extracurricular activities
- You've thoroughly researched the college/university and it's your top choice
- The acceptance rate for early decision is significantly higher than for regular decision
- The college/university meets full financial need
To maximize your chances of receiving more financial aid under early decision or early action, here are some tips:
1. Submit the Free Application for Federal Student Aid (FAFSA) as early as possible. Waiting too long could mean missing out on institutional grant aid.
2. Be aware of your colleges’ FAFSA deadlines. You may need to submit your FAFSA earlier to receive a financial aid letter with your early acceptance letter.
3. Compare your options. Once your financial aid offer letters arrive, compare them to see which offers the best deal.
4. Don't be afraid to ask for more. If you explain to a college that you want to attend but the financial aid offer falls short, especially compared to another school's offer, you might be able to negotiate a higher financial aid package.
I hope you find this information helpful. Wishing you all the best on your journey!
Updated
Anika’s Answer
When applying ED, you typically submit the Free Application for Federal Student Aid (FAFSA) and sometimes the CSS Profile or other school-specific financial aid forms. This helps the school determine your financial need.
After you are accepted ED, the school will provide a financial aid package along with your acceptance letter. This package includes grants, scholarships, work-study options, and loans that the school offers to help cover your costs.
If you receive your financial aid package and find that it is not sufficient to make attending the school affordable for your family, you can discuss your concerns with the financial aid office. They may be able to review your situation and potentially adjust your aid package, though this is not guaranteed.
ED is binding, meaning if you are accepted and the financial aid package is considered adequate by the school, you are expected to enroll. However, if the aid package is not sufficient and you cannot afford to attend, you should contact the admissions office promptly to discuss your options. It's important to carefully consider your financial situation and the potential aid package before applying ED, as it involves a commitment to attend the school if accepted. Always reach out to the school's financial aid office if you have concerns about the affordability of attending after receiving your aid package.
After you are accepted ED, the school will provide a financial aid package along with your acceptance letter. This package includes grants, scholarships, work-study options, and loans that the school offers to help cover your costs.
If you receive your financial aid package and find that it is not sufficient to make attending the school affordable for your family, you can discuss your concerns with the financial aid office. They may be able to review your situation and potentially adjust your aid package, though this is not guaranteed.
ED is binding, meaning if you are accepted and the financial aid package is considered adequate by the school, you are expected to enroll. However, if the aid package is not sufficient and you cannot afford to attend, you should contact the admissions office promptly to discuss your options. It's important to carefully consider your financial situation and the potential aid package before applying ED, as it involves a commitment to attend the school if accepted. Always reach out to the school's financial aid office if you have concerns about the affordability of attending after receiving your aid package.