Did I make a mistake?

<p>Is it going to hurt to apply ED to a need blind school that does not meet 100% need? Judging from my profile, they'll know that I need close to 100% aid. Are they going to discriminate?</p>

<p>Well, if the school is need blind, then they supposedly don't discriminate.</p>

<p>My guidance counselor told me to not let money stop me from applying ED somewhere because, after you're accepted, it's in the school's hands to make sure you can attend. I'm not sure if it's really this simple, but if they can't make it affordable for you then they shouldn't have accepted you into a binding contract to attend. That, of course, begs the question: can ED acceptance really be need blind?</p>

<p>You can get out of ED if you can't pay what they expect, but it is not trivial. I think usually you can negotiate with them if finances are preventing you from going there...</p>

<p>Im not worried about finance, I'm worried about admission. This school is known for being stingy. Will needing 100% aid hinder admission even though they claim to be need blind?</p>

<p>thanks</p>

<p>You should be worried about the finances. If the school is know for being stingy, they will be stingy with ED candidates. Read their contract. Usually if you back out of ED it can only be to go to a less expensive State school. What a lot of schools do with ED is pile on the loans and work study instead of grants, Thus, you can be stuck with a lot of loans where other schools may give grants. If money is a problem, don't get stuck this way unless this is the only school you can be happy at. You can always call and change your app to RD.</p>

<p>If the school which you are applying to is not need blind in the admisssions process, then your meeting need may impact your being admitted.</p>

<p>Even with Ed, you are basically committing to if you are accepted your will apply. If you find that you cannot afford the school, you may be let out to attend a cheaper school (usually your local state school). both of these items are covered indepth on the financial aid and parents forums</p>

<p>I think that you would be making a mistake to apply ED to a school if you know you have 100% financial need. Even if from the school's perspective, it meets 100% of your documented financial need, the aid package may be too low or may be too heavy in loans and work study for you to feel comfortable accepting it.</p>

<p>Finances, not admission to the colllege of your choice, are your top consideration because you require so much aid. Thus, you'd be far better off applying to several schools, including some that you know you can afford or that you know will definitely give you excellent aid (For instance, you may automatically qualify for top scholarships from some public universities in your state). </p>

<p>While one can get out of an ED admission if the aid package is not enough, it is not easy to do this. In addition, by the time you have manage to extricate yourself, it may be too late to apply to some excellent scholarships offered by other colleges. Some merit scholarship deadlines have already passed. An example would be Emory Scholars, which had a Nov. 1 deadline.</p>

<p>Don't shut doors before you examine all possible options.</p>

<p>is there a limit on the amount of loans you can take out?</p>

<p>Don't you get it? Need blind means that they won't consider finances when admitting or denying. But then they may not meet 100% of the costs to go to the school. What will you do then, when you committed to the school by applying ED? Also they may give you a package very heavy on loans. Then you will come out of school with $100 in debt and just an undergrad degree--not a good idea.</p>

<p>$100 in debt and just an undergrad degree--not a good idea.</p>

<p>I think you mean $100K in debt, which can be possible if the school that one attends is big on loans because theoretically you can borrow the full cost of your tuition</p>

<p>thanks for clarifying--yes I meant $100k</p>

<p>But I think there are strategic reasons for applying ED. If one school is your top choice, and your credentials are a tad lower than they usually accept, you are better off applying ED.</p>

<p>I know financial aid is a top concern (it was for me, and I did apply ED), but it truly does work itself out. I'm in my junior year now. I won't lie; it's difficult sometimes, but I think the sacrifice is worth it. Looking back, I won't regret that I couldn't afford to shop at Saks during my college career, but I would have regretted not going to Dartmouth. Everything is a trade-off, but the college of your dreams is one trade-off you shouldn't have to make if you are able to get in.</p>

<p>Although I should take my own advice: I'm looking at the price of law school now... Holy Lord. THAT is debt.</p>

<p>". Looking back, I won't regret that I couldn't afford to shop at Saks during my college career, but I would have regretted not going to Dartmouth. Everything is a trade-off,"</p>

<ol>
<li><p>If a student has serious financial need as does the OP, and has good stats, most of the Ivies and similar schools would be glad to accept the student because the student would bring much needed economic diversity. The student would not need an ED tip. The student, though, definitely could benefit by applying to a variety of places so as to have a chance of negotiating the best financial aid possible with the college of their choice. This could mean, for instance, negotiating a lower loan package.</p></li>
<li><p>The OP is not applying to a place like Dartmouth because Dartmouth guarantees to meet 100% of students' demonstrated financial need. The OP's ED school does not do that. The OP may end up with a financial aid package that meets, for instance, only 60% of the student's financial need. The student may not be able to negotiate better since the student would not have other options. The student also may have a tough time getting great cooperation from the student's GC if the student backs out of ED even if it is for a reason such as a too low financial aid package.</p></li>
</ol>

<p>Dartmouth may guarantee to meet 100 percent of your need, but it is your need <em>as determined by them</em>. Which is certainly not a realistic figure. I didn't get nearly as much aid as I should have, but it's a sacrifice I was willing to make. Every case is subjective. Some people would rather pocket the extra money and go to their second or third choice school. I respect that decision; it is logical and well thought out. It just wouldn't have worked for me.
I had to take out private loans... not offered by Dartmouth... to make up the difference between what they gave me and what I can actually pay. This thing about meeting 100 percent of your need is absurd, and it's just something for colleges to say that sounds nice.</p>

<p>If you know in your heart of hearts that you are willing to sacrifice terribly to pay for a school, it is one thing. If you are just looking for an edge for admissions, it is not a smart idea to apply ED when you need financial aid. It is truly frightening to owe the type of money you can owe at age 22 if you go to a top priced private school. You are taking on a mortgage without the house, and a pretty high priced one. We are not talking a few years of scrimping--I did not pay off my college loans until I had 4 kids, and every payment hurt. And we are not talking the hundreds of thousands that are the potential amounts today. And we are not talking about not shopping at Saks, we are talking about not shopping at all. I am not sure many 18 year olds have any idea what kind of monkey you are putting on your back when you take out exhorbitant loans. My niece is graduationg from med school with $160K in loans, which is frightening, but she is going to be a doctor which means pretty much 100% employment and at least a very good wage. Still she is ever so grateful she does not have any additional loans from undergrad years and the $160K does weigh heavily on her mind. </p>

<p>The subject about applying binding ED when you need financial aid has been discussed very thoroughly. It is not a good idea. Getting out a binding ED agreement can be tricky even with a very good reason-family death or severe illness. For foreseeable reasons, like "maybe you won't get the financial package you need", there is going to be far less sympathy. In my opinion the downside is more heavily weighted than the upside in this scenario.</p>

<p>To answer your question: yes, you made a mistake. (hope it works out okay, though)</p>

<p>First, because as stated, you are pretty much stuck with what they give you, and you will not be able to compare offers. Nor will you be in a bargaining position - you've already committed to attend.</p>

<p>Second, because as already stated, in 99% of cases, you will not be able to back out of the contract. If you attempt to do so, you will be blacklisted at the college's peers and competitors, leaving you only a state school option.</p>

<p>And third, because you have already committed to attend, there is no particular reason why the college should put its very best package on the table. You might get exactly the same amount of money, but more of it is likely to be loans and workstudy than it might have been otherwise.</p>

<p>This would all be true if the school guaranteed to meet "100% of need". It is likely worse in a school where that isn't the understanding.</p>