If you are sure what college you want to go to, then Early Decision can sound like a tempting option.

What is it exactly?

An Early Decision application is initiated by the student who is then notified of the college’s decision earlier than usual (generally by December 15th of senior year). Early decision applicants are expected to submit only one early decision application to one school but you can apply to as many other schools as you like under normal application procedures.

So basically, if you’ve got the grades, it’s a great strategy to secure a spot in college. Colleges often admit more students who apply for Early Decision because students show that they are dedicated and interested in the school.

But before you are completely tempted, you should know that there’s a catch.

Early Decision programs are usually binding. Binding means that you promise from the start that you will attend the college if you get an acceptance.

So what does that mean in terms of financial aid?

It means you are stuck with the financial aid package that they offer. Once you’ve made your commitment to the school, the college probably not offer you the Rolls Royce of financial aid packages. And  because you already accepted, you cannot gain leverage by pitting other financial aid packages from other colleges against their offer.

The only way you can get out of your acceptance is if the financial aid package is really inadequate. But the burden of proof is on you.

Being accepted early also means you’ll probably need to pay a deposit on your enrolment — at least several hundred dollars. If your financial aid offer just isn’t going to cut it, backing out of your commitment will not only lose you your coveted spot but the cash you laid out to insure it.

So is Early Decision really worth it?

Depends on your financial situation. Most students who apply for ED come from high-income families who aren’t as worried about how they will pay for schools.

If you really have to rely on your financial aid package, Early Decision might not be the route for you.

With these financial aid conundrums it’s no wonder that Early Decision had been getting some flak for privileging high-income families. 

Basically though, you are going to have to decide if applying Early Decision is right for you. Would you be willing to take out more loans to attend your dream college? Or are you better off applying for the regular deadline so that you can compare financial aid packages?

As part of your decision process about ED, you should meet with your choice school’s financial aid office as early as your junior year. You’ll be able to get an idea if the school is an economically viable choice or totally out of your league.

Ask your parents to bring their tax forms so they can get an idea of their likely Expected Family Contribution, and you can find out ahead of time what financial aid you’re likely to receive. By checking it out early on, you can avoid the disappointment of getting in, but not being able to go.