Applying Early: The Financial Aid Factor
So, there it is. You have your acceptance letter from your dream school in your hand. You’re set to enroll. All that’s left to do is to fill out your paperwork, pack your bags, and you’re good to go, right? Hmmm, not so fast there! Have you gotten any information about how much financial aid you’re going to receive? It sure would be a bummer to find out you may not be able to pay the bill.
So what's the catch?
Probably the most apparent problem of applying under the Early Decision (ED) option is that if you are accepted, you will get one — and only one — financial aid offer. If it isn’t what you need, this is the only condition under which you can decline admission. (Remember that little line you signed when you applied? You’re committed unless the financial gurus don’t come through for you.) Do you really want to wait until late spring and then find out you may have to scratch your big plans?
Once you’ve made your commitment, the school may not offer you the Cadillac of financial aid offers, since they know it’s a take it or leave it deal. Being accepted early also means you’ll probably need to pay a deposit on your enrollment — at least several hundred dollars. If your financial aid offer just isn’t going to cut it, backing out of your commitment will not only lose you your coveted spot but the cash you laid out to insure it.
Author: Amy Ambler
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