Is it worth applying Early Decision for a higher chance at financial aid?

I was looking into applying Early Decision to some schools because I heard that it can improve your chances of getting financial aid. Is this true, and if so, is it worth the binding commitment? I'm from a low-income family and financial aid is a big factor in my decision. Thanks for your help!

Hey there! It's great that you're considering Early Decision (ED) as part of your college application strategy. It's true that in some cases, applying ED can improve your chances of receiving financial aid. Colleges that offer ED often attempt to meet the full demonstrated need of admitted students, including those who apply early. Since they admit a large portion of their class through ED, they aim to attract a diverse group of students, which includes providing appropriate financial aid packages.

However, keep in mind that ED is a binding commitment. If you're admitted, you must attend that school, provided that the financial aid package is sufficient. You won't be able to compare offers from other schools or negotiate for better aid. Make sure to research the school's policies on financial aid for ED applicants and use their net price calculator to estimate the potential package.

Your priority should be finding colleges that are the best fit academically, socially, and financially. If you're confident that an ED school checks those boxes, it might be worth considering. Good luck!