If I'm accepted Early Decision but can't afford the tuition even after financial aid offers, is it possible to reject the acceptance? How do schools generally handle this situation?
Yes, you can decline an Early Decision (ED) acceptance if the financial aid package offered doesn't make it feasible for you to attend. ED admission is binding if, and only if, the financial aspect works for you and your family.
If the financial aid award you receive does not make it affordable for you to attend that college, you are allowed to back out of the agreement. In this case, the first step would be to contact the financial aid office at the school. They might be able to reassess your financial aid package or work out a new payment plan based on the information you provide.
However, this issue is best dealt with before applying through ED. Prior to applying, use the college's net price calculator to determine an estimated financial aid award. If it looks like that school may not be affordable, even with a substantial aid package, you might want to reconsider applying ED to avoid getting into this situation in the first place.
Remember, ED should only be used for your top choice institution where you would enroll regardless of the financial aid package, assuming it is financially feasible based on early estimates.
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