<p>“The colleges themselves clearly state that ED is NOT binding in the case that a financial agreement cannot be reached”</p>
<p>Show me one instance this is true, where the financial report sent at the time of ED application is unchanged. There is NO provision for future negotiations after ED acceptance, only acknowledgment that objective financial circumstances may change and become a reason to void the contract.</p>
<p>“I’ve thought about it, and don’t really want to take out loans” is not a valid reason allowed in the contract.</p>
<p>AnneRoku, actually the students considering reneging on the ED contract are typically <em>exactly</em> whining that the aid is in the form of loan and not grant.</p>
<p>UPenn is an interesting example though, since they publish a ‘no-loan’ advert. Read the small print though: parent loans are ok, the aid package does not cover medical insurance etc, and work-study is presumed. I didn’t bother to check whether the EFC is FAFSA based, but any prospective ED applicant would be well advised to do so.</p>
<p>Which brings us back to the only point I hope most ethical people can agree on: read and understand the bloody contract before you sign it. Ignorance is not a defense.</p>
<p>I wouldn’t give much credence to what the GC’s at Berryberry’s school say. They are the true enforcers of ED rules and if they choose to interpret ED more stringently than required, well, they’re wrong, but it’s up to them. This has more to do with GC’s wanting to cultivate a strong relationship with top colleges and fear of putting that in jeopardy, rather than focusing on the needs of individual students. And who knows, maybe some top schools portrayed ED in this way to scare those GC’s. It sounds like at this school, they are doing a fine job of gatekeeping, but I believe the only true ED rules are what the college itself posts on its website or provides in written form.</p>
<p>“There is NO provision for future negotiations after ED acceptance, only acknowledgment that objective financial circumstances may change and become a reason to void the contract.”</p>
<p>Wrong. There is no mention anywhere of a requirement for a “change” in financial circumstances, only that if a financial agreement cannot be reached, the student may then be released from the ED contract. This has been discussed many times already.</p>
<p>““I’ve thought about it, and don’t really want to take out loans” is not a valid reason allowed in the contract.”</p>
<p>We have different opinions about what is valid or not. The simple fact remains that it is the family’s sole decision whether or not to accept an ED offer that includes FA.</p>
<p>I’ve been looking for the text quoted by another poster about discussing with financial aid officers before seeking release from ED. Can someone post the link?</p>
<p>Way to throw out a strawman that makes no sense to try and make your point. Your example in no way equates to the situation at hand. The language you like to quote from Penn’s website as far as I can tell comes up only if you search for Early Decision. And then it is very generic with this qualifier</p>
<p>“Families who are concerned about the affordability of a Penn Education should work closely with Student Financial Services to see if a combination of financial aid and payment programs will enable the student to accept the Early Decision offer of admissions. Only in rare cases do students ask to be excused from the provisions of this program.”</p>
<p>no where close to your money back guarantee strawman</p>
<p>Furthermore - on another Penn Webpage - we have this listed:</p>
<ol>
<li>If I apply Early Decision, do I have less leverage concerning my financial aid?</li>
</ol>
<p>ANSWER: Penn will meet 100% of demonstrated need for those admitted Early Decision and Regular Decision. Some students will apply Regular Decision so that they can weigh financial aid packages from all the schools to which they have been admitted. For more information on financial aid, contact the Student Financial Services Office.</p>
<p>Good question, 3321. According to many here, the OP can walk away from her ED commitment to comparison shop other schools, simply because she got a better offer or the “Waaahhh…Mommy and Daddy can’t go imto debt!” excuse. She gets to have the advantage of ED admission with none of the risk. But the ED’r with no finaid need would not be able to do that. Or maybe some posters would say there is no commitment on the part of the no finaid students, either?</p>
<p>What is Early Decision at Penn?
For all applicants, regardless of legacy status, who have decided that the University of Pennsylvania is their first college choice and who agree to matriculate if accepted, we encourage application under the Early Decision Plan. Penn’s Early Decision Plan is a binding contract and students must attend if they are admitted.</p>
<p>I do wonder about students applying to Ivy league schools who cannot read english.</p>
<p>“Does this mean if you are applying ED without FA it is a binding agreement, and the family can’t decide not to accept an ED offer?”</p>
<p>We don’t know since it’s never addressed anywhere. I would assume the answer is yes. Maybe this means that all ED’ers should apply for FA even if they have no hope of receiving any. It’s an interesting question but a non-issue since most families realize they are trading an admissions bump for their promise of full-pay.</p>
<p>“At some highly selective schools, students who apply in the regular admission cycle have as little as a 1 in 10 chance of getting in. Early Decision can dramatically increase their odds. But students who apply early for the wrong reasons can end up dissatisfied (sidebar).”</p>
<p>“Early Decision works best for students who have done lots of research and have clear reasons for their choice. That was the case with Courtney Meyers, a 21-year-old senior at the University of Pennsylvania. She knew she wanted to study business and was attracted by the stellar reputation of Penn’s Wharton School. Still, she did have one brief moment of regret after she received her early acceptance. Although she withdrew her applications from all the other schools she applied to (required under Early Decision), her letter of retraction to Tulane was never processed. In the spring, she unexpectedly received an offer of a full scholarship. Penn’s financial-aid offer was good, but it certainly wasn’t a free ride. “I just thought about why I’d applied Early Decision to Penn and got myself back in that mind-set,” she says. And she’s never looked back. Her enthusiasm for the school is typical of early applicants, says Lee Stetson, Penn’s admissions dean, and it’s one reason why he intends to stick with the policy and will probably admit almost half the class early this year. “They tend to be more committed, more involved when they come to campus and then tend to graduate in a more orderly fashion,” Stetson says.”</p>
<p>and while the article is out of date - this illuminates that the colleges do follow national standards in this area and do respect other colleges decisions</p>
<p>"Both schools say they won’t let Early Action applicants apply to more than one school in the early round. That’s a violation of rules both schools agreed to as members of the National Association for College Admission Counseling (NACAC), which sets standards for colleges.</p>
<p>I have found this thread to be very enlightening. </p>
<p>My first reaction to the question was that if you sign an ED agreement and you are accepted, you are bound to go. After reading 1100+ plus comments, I am not sure I feel that way anymore. I am undecided. Ideally, I think students should act ethically and honor the contract. But I see now that there are many variables that are making me rethink my position. </p>
<p>I went to check the Brown ED agreement. There is no mention of financial aid at all (at least, that I could find), other than what is on the Common App. As an alumna of the school, this concerns me. Brown seems to have no specific provision for getting out of an ED agreement for financial concerns. </p>
<p>My own experience with the families of my daughter’s friends is that otherwise intelligent people took the word of colleges, our state’s college financing agency and guidance counselors that meeting 100% of need means meeting 100% of their need. Until I mentioned online financial aid calculators, they had never heard of them. They assumed every college would provide similar packages, because that is what the experts told them. </p>
<p>I don’t have the problem with ED that many of you do – I think that for many students it works – including students on financial aid. But I appreciate the other side. I don’t think ED will disappear anytime soon.</p>
<p>Finally – I want to come to Calmom’s defense. She is a longtime poster who has provided invaluable advice to many parents and students, me included. I think the tone of the criticism launched at her is unduly mean and disrespectful. Over the years, I have found that she does her research and backs up her comments with solid facts. There is room for interpretation, but calling her “wrong wrong wrong” is not appropriate.</p>
<p>"My own experience with the families of my daughter’s friends is that otherwise intelligent people took the word of colleges, our state’s college financing agency and guidance counselors that meeting 100% of need means meeting 100% of their need. Until I mentioned online financial aid calculators, they had never heard of them. They assumed every college would provide similar packages, because that is what the experts told them. "</p>