Applying early decision but worried about affordability

Hi everyone, I'm applying early decision to my top choice, but I'm concerned about the financial aspect. What happens if I get accepted but later realize that I can't afford the tuition and other expenses? Any help or advice would be appreciated!

It's great that you're thinking ahead about the financial implications of your early decision application. Colleges typically expect early decision applicants to have a clear understanding of the financial commitment involved. You should make sure to use the school's net price calculator to get an idea of what you'll be expected to pay.

However, schools also know that sometimes the financial aid package may not meet the student's needs. If you are accepted early decision and find the financial aid package insufficient, you can reach out to the college's financial aid office to discuss your concerns. It's possible that the aid can be reassessed. If, after negotiation, the package still falls short, you generally can be released from the early decision agreement due to significant financial constraints. Make sure to document these conversations, as colleges may require a formal appeal or documentation of your financial situation.

Be honest and proactive in your communications. If your financial circumstances have changed significantly since you applied, for instance, if there's been a job loss in the family or an unexpected financial burden, the college will take this into account. In any case, you won't be forced to enroll if the school is unaffordable. However, remember that this should be a last resort as withdrawing from an ED agreement can affect future applications. Make sure this is only pursued if truly necessary.