Getting out of Early Decision for financial reasons

I've heard that Early Decision is binding, but what if I get accepted and realize I can't afford the college? Can I back out due to financial reasons? If so, what's the process?

Early Decision (ED) is absolutely intended to be a binding agreement, but the one universally accepted reason to break the ED agreement is if the financial aid package is insufficient for you or your family. If you find yourself in this predicament, the first step is to reach out to the financial aid office at the college to discuss your concerns.

Colleges understand that financial aid paperwork may not fully capture a family's financial need, and can sometimes offer additional aid to make up the difference. If further discussions don’t lead to an affordable solution, you will need to provide a detailed explanation of your financial situation and formally request to be released from the Early Decision commitment for financial reasons.

The process will usually involve submitting a written appeal, which may need to be backed up by financial documents proving that attending the institution would cause significant hardship. It's important to be thorough and transparent during this process. Remember to handle the situation respectfully and promptly, as this will ensure that you maintain good relations with the admissions office. Many colleges have a policy in place for this exact scenario, so don't hesitate to ask for guidance on how to proceed. Ultimately, colleges do not want students to be in a position where they're taking on insurmountable debt or financial challenges. Hopefully you don't find yourself in this situation, but if you do, good luck navigating it!