Early Decision

We have general information about the early decision option, but you also need to know about the price tag. Early decision can get you into a "reach" school, but will it get you the financial aid you need? Now that you've committed yourself to a university, will they offer you less money since you're already in the bag?

Many students wait to make their college decisions until they have several admissions offers in hand, and can compare financial aid packages. This usually means waiting until April or May, comparing scholarships, loans, and other aid, like work-study programs, that are offered by the different schools. Then, they can choose a school based on the amount of money they're offering.

Afraid of Commitment?

And there's the issue. If you've already committed yourself to attending a specific university, you've also tied yourself to accepting any financial aid package they offer. You know this. They know this. So they might not offer you the best possible aid package. True, some schools offer specific scholarships that are open only to early acceptances. But what if you don't get one of those either?

This might not be a problem for you if you're willing to accumulate whatever debt it takes to attend your top-choice university. You'll also have to weigh the benefits and costs of this situation: One the one hand, you may end up paying more than you planned because of lower financial aid. On the one hand, you can get into a school you may have only dreamed of—after all, by the time early decision season is over, some schools have accepted over 40% of next year's class!

Playing the field

If money is a significant concern, but you still want some of the advantages of applying early, look into early action admissions. Deadlines vary from school to school, but are either the same or soon after early decision dates. The difference? You don't have to commit until April. This will let you compare all your financial aid offers before you have to make a decision.

Remember, you should decide how much debt you're willing to take on before you apply early decision. If you're willing to pay more to go to a better school, go for it. But if you think you'd be equally happy at another, perhaps less competitive, school, think twice before committing yourself.