Navigating the college application process can be stressful, especially when considering how financial aid factors into different application strategies. Early Decision (ED) and Early Action (EA) are two popular options, each with distinct financial implications.
Early Decision (ED) is a binding admission plan. Students who apply ED agree to attend the college if accepted and must withdraw all other applications. ED deadlines usually fall on November 1st or 15th, with some schools offering a second ED option around January 1st. This binding commitment makes ED ideal for students who have thoroughly researched their options and are certain about one school being their top choice.
While ED can significantly increase your chances of admission, it has potential financial drawbacks, particularly for students who need financial aid. Since ED is binding, you won’t be able to compare financial aid offers from other colleges if accepted. Therefore, it's crucial to understand the financial aid policies of the school you’re applying to under ED. Use the school’s Net Price Calculator to estimate your financial aid package and ensure that you and your family are comfortable with the probable financial commitment.
Talk to your Journey Ahead counselor about whether and how much applying ED increases your admissions chances at your choice college.
Early Action (EA) allows students to apply and receive an admission decision early without the binding commitment of ED. If accepted, you can still apply to other schools and have until May 1 to make your final decision. The non-binding nature of EA generally makes it a safer choice for students concerned about financial aid, as it allows more time to compare financial aid packages or explore other opportunities without the pressure of a binding agreement.
Students applying through Early Action typically receive the same need-based package they would during the ED and regular admissions cycles. However, unlike ED, EA allows families to compare financial aid offers from various schools before making a final decision. This flexibility can be crucial in choosing the most affordable option. The potential downside is of applying EA is that students do not get the potential admissions advantage of applying ED.
General Financial Aid Tips
Whether you choose ED, EA or Regular Decision, here are some essential tips to help navigate the financial aid process:
Apply for Financial Aid Early: Submit the Free Application for Federal Student Aid (FAFSA), scheduled to open on December 1st. This may delay financial aid packages for ED and EA students. If the college requires the CSS profile, fill it out as soon as possible. Early submission may improve your chances of receiving need-based aid.
Understand Each School’s Financial Aid Policies: Schools have different financial aid policies and deadlines for early applicants. Research these policies thoroughly so you know what to expect.
Communicate with Financial Aid Offices: If your financial circumstances change or if you have concerns about your financial aid package, don’t hesitate to contact the financial aid office. They may be able to offer additional assistance or advice.