The post is about two separate issues: Finances and the stress/machinations of decisions. The two are different.
First, respectfully, I think it’s misleading to say that ED benefits only well off folks. It is in point of fact not ideal, not for those in high need, but for semi-upper middle class folks who won’t qualify for significant need based grants but who want to go for pure merit scholarships. To these families, it is financially smarter to wait and apply for the many fine merit scholarships out there, many of which involve interviews and are not on the ED timeline. Or if they don’t get merit, they can also use the RD to hopefully negotiate tuition once/if they are fortunate to have several acceptances in hand. But for high need like me, it makes total sense to apply ED, something I only realized by my fifth kid.
For my older 4, I foolishly listened to the advice to apply RD for better financial aid. It doesn’t even make sense particularly when you can run the NPC to get a sense of the likely packages. If a school has a policy to meet need, particularly with no debt or small debt, then why not apply ED to that school? Yes there are schools that don’t have that policy–don’t apply to these ones ED. But there are plenty of top schools - top schools in particular - that have a commitment to meeting your need with minimal or no debt. If you apply ED, the award will be the same; it’s a formula. And on the off chance your need isn’t met, you are permitted to withdraw from ED (for that reason alone).
As to the stress of the process, can I say that ED is only stressful in the sense that the entire college application process is stressful? Or, for some folks (not commenting on anyone in this thread), it is stressful if you view the process as a status contest or a make-it-or-else process. But if you simply concentrate on the ‘cards’ that you yourself have in your hand, and don’t worry about what others are doing or not doing, you will find the process to be a lot less stressful (although there’s no taking away of the fundamental stress!).
So much time is spent focusing on getting in, and not enough on what to do once you’re there. Trust me, it’s the ‘once you’re there’ that is many orders of magnitude more important. And there are no guarantees how your kid will feel in the 4 years they are there. But the right attitude will make a world of difference. With the right attitude, I truly believe you can find great success in any college.
For my older 4, the RD did turn out well (got into top 10 schools), but for at least two of them, they would have been better to have targeted one school and applied ED. I do believe it would have increased their chances still more, and had they gotten in, it would have ended the protracted waiting involved senior year, and certainly reduced admissions and admissions-related costs for me.
For my youngest, he applied ED to UPenn, and was fortunate to get in. He got the need based aid he needed as per their policy. Now in December, he’s done.
Could he change his mind later? Maybe. But you have to understand they change their minds all the time. It is not unusual at all for a student to be ‘in love’ with a college via RD and hate that college by Junior year. (Or vice versa–depressed about their choice as an 18 year old, and love it at 20.) That’s because between 17-22 is a time of enormous change and growth. If all kids knew what they were doing at 18, there wouldn’t be any transfers.
I think it is also fruitless to wonder ‘what if’ (though it’s human!). The main way to stay sane and grounded (which you’ll need for yourself as well as your kid) is to remember to a) focus on your own kid’s needs only, and your family’s needs only, not anyone else’s; and b) to remember that truly, truly, it is about how your kid uses his/her time and resources once they are there.
Best of luck to all.