Each year families ask me if they can back out of an Early Decision acceptance if they aren’t offered enough financial aid. Yes and No.
Families need to understand that Early Decision is binding. If a student is admitted ED, they have committed to attend that institution and withdraw any other outstanding applications. Many students decide to apply Early Decision to a college based on higher acceptance rates of students applying ED and the general understanding that if they aren’t offered enough aid, they can back out. To make matters worse, many colleges and universities now report that they will meet 100% of students’ need. This is the sticking point… families need to determine whether they can afford to send their son or daughter to an institution based on each college’s net price calculator and other calculators to determine what their expected family contribution would be.
A student can walk away from an admittance if they cannot afford to accept the financial package offered, but everyone loses in this situation. The student will understandably be disappointed at wherever he ends up attending. The college loses the chance of admitting a student who could afford to accept an ED offer.
Do your homework before you apply Early Decision. User each college’s net price calculator and if the price is too high, apply Regular Decision. Also consider applying to schools where you are very competitive. Often schools sweeten the pot for students who will enhance their admitted student profile.
For more information read the article “Early Decision Isn’t Binding. Let Us Explain.” By Ron Lieber in the New York Times.
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