Have you looked into getting admitted to a preferred school much earlier than standard admissions deadlines? Then you’re probably considering an “early decision” or “early action” where the student chooses to attend a specific college much earlier than standard admissions deadlines.
Know the difference: Early decision (ED) refers to a binding decision to attend a specific school. Students taking early decision commit to one specific school as early as the fall semester of senior year, foregoing admission to any other institution. Early Action (EA) is a non-binding admissions process where students are notified very early of their acceptance but may choose to attend a different school.
Early decision: How’s it paid for? Going forward with an early decision requires organization and a clear path to covering the balance. Traditionally, the biggest challenge associated with early decision was affordability, since the choice was made without comparing actual financial aid offers from other schools. For families comfortable paying the full cost of the tuition this is not a problem, however if the financial aid offered with an early decision application is too low leaving the cost of attendance too high for a family to support, families have the option to appeal the decision and ultimately reject attendance if proven unaffordable.
It’s expected that students only submit an early decision application to one school, however they may also submit standard applications to other schools by agreeing to withdraw those applications if their application for early decision is accepted.
Early admissions typically begin in November and standard admissions deposits are due in May. Be aware of deadlines at each university to know when a final decision is required.
Early action: What are my options? Early action admissions allow students the benefit of immediately applying to several schools instead of just one. This allows families to compare financial aid offers without being bound to just one institution. Early action has become much more common to help students zero in on their final college choice after reviewing all their best options. Early action does require a pro-active approach to make sure each school has all admissions and financial aid information available allowing for clear comparisons between offers.
Financial aid applications are early too: The FAFSA (and CSS Profile) are available October 1st for college students beginning their freshman year, the following year. This is 3 months earlier than the traditional January 1st date, allowing more time for schools to begin sorting through many financial aid requests and early admission applications. Most schools are still following regular deadlines like in March, April, and May, but for families handling early admissions, this earlier date hopefully provides more breathing room to compare options.
Merit-based vs need-based funding: Remember the differences in college funding. Grants are need-based financial aid awards provided by federal, state and school programs considering income and asset information on the FAFSA and/or CSS Profile. Merit-based scholarships are awarded to students considering high test scores, grades, sports, community service and other student qualities and achievements. When making a final choice about early admissions, make sure the financial aid award letter accounts for both need-based and merit-based funding eligibility. You want a complete financial picture when comparing school options, which is why all your financial aid documentation needs to be filed as early as possible.