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early decision isn't REALLY binding, now is it?

immajap88immajap88 Posts: 184Registered User Junior Member
edited April 2006 in College Admissions
My first choice college is 40k. That's a lot. But it remains my first choice. I really want to apply and have a really great shot at money, like the ED kids do. But what if I get in and can't pay 40k? What happens then?
Post edited by immajap88 on
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Replies to: early decision isn't REALLY binding, now is it?

  • CDN_dancerCDN_dancer Posts: 2,579Registered User Senior Member
    There have been several threads discussing this in the past; if you search for them, you should get lots of information.

    http://talk.collegeconfidential.com/showthread.php?t=91730
    http://talk.collegeconfidential.com/showthread.php?t=94854

    Ultimately, can they force you to take out several loans to pay off your tuition? No. However, it is expected that you apply to ED knowing full well what the tuition is, and have the resources to pay it (be it savings, loans, etc.)
  • lil_killer129lil_killer129 Posts: 4,706Registered User Senior Member
    Why would you apply to ED if you know you can't afford it. That is the most stupid thing I've ever heard.
  • JimmyEatWorld711JimmyEatWorld711 Posts: 2,399Registered User Senior Member
    If a college says they'll meet your full need, they'll meet your full need. In other words, they'll make it financially poossible for you to attend that college. But their definition of "meeting your need" may be giving you just enough money in loans and work-study that your family has to tone down their lifestyle just to pay.

    Rememebr that ED is actually a legally binding contract. The general advice is, if you're worried about financial aid, don't apply ED. It doesn't matter how much ED boosts your chances if you can't go no matter what anyway.
  • celebrian25celebrian25 Posts: 15,373Registered User Senior Member
    *bangs head on computer keyboard* Gahhhh!!!! Don't apply ED if you're not willing to pay full price. It's too risky, you don't want to gamble that you'll have to go to your state school when you could have gone to somewhere you really wanted to (a lot of times you are only allowed out of the agree ment if you agree to go to a local state school) :mad:
  • JimmyEatWorld711JimmyEatWorld711 Posts: 2,399Registered User Senior Member
    I think the mods made this a Featured Discussion after reading lil_killer129's brilliantly eloquent comment.

    (seriously though, lil_killer129 is right...)
  • CDN_dancerCDN_dancer Posts: 2,579Registered User Senior Member
    It's weird (not lil_killer129's comment; I do agree with it) because so many people have asked about this, and other people have said over and over "Do not apply ED if money is an issue for your family." The message doesn't seem to get through though.
  • towerpumpkintowerpumpkin Posts: 1,660Registered User Senior Member
    If you look at Cornell's ED numbers from last year, you'll see that 13 out of the 1067 people who got in ED didn't actually matriculate. It is possible to get out of the ED contract (I'm presuming most of the 13 are not here because of money or related issues), but very few people do.
    http://dpb.cornell.edu/irp/pdf/FactBook/Admissions/Undergraduate/profile.pdf

    (I only mention Cornell because those were the stats readily available to me...)
  • naturallyjojonaturallyjojo Posts: 258Registered User Junior Member
    Duke's policy is that you may only be released from your ED obligation because of financial reasons (it's posted on their website). So there you go. Look on that college's website to see if you have a policy regarding that.
  • White MateriaWhite Materia Posts: 147Registered User Junior Member
    This whole system is so unfair.

    I want to apply ED to a school I absolutely love, adore, and respect. However, my dad and mom separated and he has refused to help financially in any shape or form. My mother never went to college in Korea, she never even got a high school diploma. She's worked as a nail salon person and is a home health aide.

    My GC said that if they don't give you enough financial aid, I can withdraw my application. I trust her but your comments really hit a nerve with me. They promised to pay for 100 percent need but they are the ones who decide how much I need. They say they are need blind but I think if they realize how much money I will need they will reject me. I am not a phenomonal student GPA wise or probably SAT wise either.

    But I am confident in the success and accomplishments I have made in my life and believe in myself enough to apply to a great school. So yeah, I'm stuck in a rut. Le sigh.
  • CDN_dancerCDN_dancer Posts: 2,579Registered User Senior Member
    The thing is, when they say they'll meet "100% need," that means a combination of aid money/scholarships (that you don't have to pay back), as well as loans and work study. Many people are reluctant to take out thousands of dollars in loans, but that's a part of your aid package.

    You can get out of ED for financial reasons, but it can be a bit hard to prove that you can't afford it.
  • KiriaKiria Posts: 112Registered User Junior Member
    they cant force you to go if you cant pay it
  • immajap88immajap88 Posts: 184Registered User Junior Member
    i've decided against ED. *applause* but its quite ironic how the people who are ready to pay have a better shot at the merit/financial aid...
  • JimmyEatWorld711JimmyEatWorld711 Posts: 2,399Registered User Senior Member
    Haha, DoveofPeace changed that post...no fair.

    I haven't heard much about colleges giving scholarships only to those who apply early. Is the college in question one that offers merit scholarships? If so, I would doubt that they give "more money" to early applicants, since the whole process is supposed to be need-blind anyway. Are you getting this information from a valid source, ie, the college's website or a rep from the college...or is it just a rumor that you've heard?
  • ktwofishktwofish Posts: 174Registered User Junior Member
    Another comment...
    Why would a college offer merit aid (or much of it) to a student who has already committed to attending by applying ED? You have a better chance at scholarships if you apply regular decision...
  • lkf725lkf725 Posts: 4,781Registered User Senior Member
    immajap88,
    I'll tell you what you do. You don't apply ED. You apply RD. Then when you get no money, you move on to a more generous college or to a financial safety. It happened to us, and I am SOOO glad that we were not committed to pay for a school we could not afford.
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