How Applying Early Decision Affects Financial Aid Opportunities | Scoir (2024)

FAQs

How Applying Early Decision Affects Financial Aid Opportunities | Scoir? ›

A common question I hear is: do you get more financial aid if you apply early? The answer: if you are applying early decision, you should be aware that you are essentially giving up the ability to compare financial aid offers from other schools or negotiate awards.

Reduced financial aid opportunities: Students who apply under ED plans receive offers of admission and financial aid simultaneously and will not be able to compare financial aid offers from other colleges. For students who absolutely need financial aid, applying early may be a risky option.

Applying early can be a good idea if you're sure about which college you want to attend. That means you've researched its programs and, if possible, visited its campus. But think twice about applying early if: You want to compare admission and financial aid offers from several colleges.

Admitted students who can't afford the cost of attendance can often back out of their early decision contracts without penalty. Alternatively, you may be able to negotiate for more aid by contacting the school's financial aid office and informing them of your situation.

Aid Amount: Who Decides and How

If you meet the basic eligibility criteria for federal student aid, the financial aid office at your college or career school determines how much aid you are eligible to receive.

Some colleges will say that students have a better chance of admission if they apply early using early decision, but it really depends upon the applicant pool and how selective the college is overall.

Cons of Early Decision

Colleges usually don't offer the full financial aid package so early in the admissions cycle. Students may regret their decisions if they change their minds later. Students who go back on their agreements may create tension between the college's admissions office and their high school counselor.

Some students and high school counselors believe that applying early decision gives them better odds of acceptance, but the truth is early acceptance rates and admissions standards vary from school to school.

This means that the average student is more likely to get in when they apply early decision than when the same student applies regular decision to the same school. On average, applying ED is going to result in a 1.6x or a 60% increase in your chances of admission to super selective schools.

Early decision (ED) gives students a better chance of acceptance, if the cost of college is not the driving factor in the college selection process. Admit rates can be as much as 2 times higher!

Can you negotiate financial aid with an early decision? ›

On one hand, applying early decision typically means there's a larger pool of money for the institution to allocate; on the other hand, you are giving up the ability to negotiate and compare financial aid offers.

Most of the time, they will let students walk away without holding them financially responsible; however, they may put that student's reputation on the line. Some schools share their list of students who have backed out of their ED commitment without an acceptable reason to the other schools to which they applied.

What Are the Consequences of Reneging on An Early Decision Commitment? Not only will an applicant forfeit their admission to their Early Decision school, but they would place their candidacy in peril at every college they apply to thereafter because these schools share lists.

There is no income that is too high to file a FAFSA. No matter how much you make, you can always submit a FAFSA. Eligibility for need-based financial aid increases as the cost of attendance increases, so even a wealthy student might qualify for financial aid at a higher-cost college.

In conclusion, even with a household income of $100,000, it is still possible to receive financial aid. To maximize your chances, ensure that you apply for as many different aid programs and scholarships as possible, both at the college level and from outside sources.

Luckily, financial aid can help you cover some (or all) of the costs. And, if you negotiate your package with your school, you might qualify for even more financial aid. Negotiating financial aid packages is a common practice. It can put you in a strong position to pay for your education.

Those who file early often qualify for more grants and scholarships. Students who file their FAFSA between October and December, on average, qualify for twice as many grants as students who wait to file their FAFSA.

Early action does seem to improve your chances of being accepted, but not as significantly as early decision. Keep in mind that these decisions also vary from school to school. Some value early action more than others.

You must meet the satisfactory academic progress (SAP) requirements. Not meeting even one of these categories puts you at risk of losing your aid. GPA – Students must maintain a minimum GPA based on the standards of their program. It is usually 2.00 for undergraduates but it can be higher based on your program.

Withdraw All Other Applications: Since the decision is binding, you will need to withdraw any other Regular Decision applications you may have submitted. You will do this the same way explained above, informing them that you were accepted Early Decision to a binding program and will be attending that school.