Applying Early Decision (ED) Financial AidAnswered
Let's say I ED to Duke University, and the cost before scholarship/aid is $80k/yr. Now, let's pretend I get accepted, with a financial aid package of $20k/yr and a merit scholarship of $10k/yr, with a remaining cost of $50k/yr.
If I cannot afford that, is my ED agreement still valid? How do colleges verify if I can or cannot afford their tuition?
Sorry if the question is pretty basic, but answers online are kind of vague for this question. Thanks for any answers!
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2 answers
If you apply through Early Decision and are accepted, you are generally expected to attend and withdraw any other college applications. It's binding.
From what I have taken from admission information sessions - do attend some of those for your places of choice! - is that there is an exception: financial feasibility. If the remaining cost is unaffordable, you can (possibly) be released from your commitment. You might need to appeal though and provide evidence that the package is indeed not something you or your family can afford.
It would probably be best to get in touch with the admissions office of Duke to clarify on this matter in advance to avoid making a mistake. I am sure they will be willing and able to guide you precisely through this possibly tricky situation well in advance so you know exactly what you get yourself into.
Do be advised that an ED is NOT legally binding. The college cannot prevent you from backing out of the agreement at any time. However, there may be consequences and it is generally in good faith to honor the agreement you've made. However, affordability is the only exception.
If the financial aid package presented by the college is insufficient, you can contact the financial aid department and they may have you fill out an aid appeal. If they cannot budge, you're free to back out at any time.
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