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<p>I found it very difficult to get concrete information about exactly what constitutes being able to “afford” a school with regards to ED. Being offered an aid package that includes $20K/year in loans is not “affordable” in my book, the school may not agree. The school may say I can afford $50K/year, when I know this is either impossible or would be financially crippling. Then what?</p>
<p>While you will read a lot about the “binding” nature of ED, and may face a lot of pressure from your guidance counselor to adhere to it, and you will sign some forms about what you “must” do if accepted ED - keep in mind ED is <em>not</em> a legally binding contract in any way.</p>
<p>You’ll see a lot of articles on the internet about the consequences of turning down an ED - you’ll be blacklisted, no school in the country will take you, etc. It all smacks of scare tactics to me, with little actual evidence to back it up, and many of the articles suspiciously use the exact same wording.</p>
<p>There are articles that say that many (maybe most) of the time you can be released from ED just by asking. The schools don’t really want you if you don’t really want to be there.</p>
<p>Here’s a quote from article from an “Ask the Dean” article on this site:</p>
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<p>[Do</a> Early-Decision Financial Aid Packages Change After Frosh Year? - Ask The Dean](<a href=“http://www.collegeconfidential.com/dean/archives/000244.htm]Do”>http://www.collegeconfidential.com/dean/archives/000244.htm)</p>
<p>So IMO, bottom line, figure out what you can afford, add a little to increase the pain point, and if the school requires you to pay more than this or take out more than a small amount in loans (use the unsubsidized Stafford amounts as a guideline, maybe), you have legitimate reason to turn down the ED for financial reasons.</p>