The school I want to apply to I have a well-above standardized testing score than their average. If I applied to RD, I'm pretty sure I will get in. The thing is the financial package. I want to be able to get pretty much a merit-based full ride. If I apply to ED would it look like I am very serious to the point that they would love to get me the scholarship? Or would they feel like they don't need to give me one since I'm committed?
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Usually, those who apply ED are able to fully take on the financial burden of the university they commit to so if you really need financial aid, I don't think this is the best idea. If you apply ED, schools assume you want to go there so much that money is just a secondary issue. RD is your best bet if you know you will get in. Try to do the FAFSA and get an estimate for your EFC. ED in this situation is not recommended.
Applying ED will increase your odds of getting a scholarship for the reason you thought of. However, an ED acceptance is not guaranteed to come with a full-ride - this will depend on school policies, your family's financial situation, and how your merit is evaluated. I recommend applying ED - if a school that has an extra incentive to give you a full-ride does not do so, then it is likely that the other schools on your list will not give you a similar aid package either. Hope this helps!
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In my opinion, you should apply for ED at your #1 school of choice for the best quality teaching! trap the cat