Financial Aid Lessons Not to Be Missed

When it comes to seeking financial aid for your college education, sorting out your finances is a big issue. According to the US News, students have options when it comes to applying for financial aid and it is important to understand what the options available are so that you can make a better decision. We are living in a tight economy. And with college tuition increasing at 6 percent a year, your ability to enroll in a collage depends on how much financial aid you can get. Therefore, this article is about maximizing your chances of getting as much financial aid as possible by understanding how to go about earlier decision application.

Under the early decision application, a candidate applies to a single college and commits to enrolling in that particular collage if accepted. The benefit is that you can be admitted to your first choice before the holidays and forgo all other applications. This will save you a lot of time and stress of having to apply to dozens of other collages. However, it is important to understand that there are demerits when it comes to securing the right financial aid with early decision.

So what’s the catch in early decision?

Probably the most obvious challenge that comes with applying under the Early Decision (ED) option is that if you receive early acceptance, you will only get one financial aid offer. Luckily, you have the option of declining your admission if you feel that the financial aid is not going to adequately cater for your needs. That is when you can apply to other colleges. However, the problem with early decision in case you don’t like the financial aid offer is that while you wait to be informed of the financial aid offer, application deadlines for other colleges start to pass and when the award finally arrives, you realize that your options are much smaller. So you have to make a decision whether you really need to wait until spring to make a decision on which school to join.

You are likely to go home empty handed

Another downside of the early decision admission is that you’ll probably need to pay a deposit on your enrollment which amounts to several hundred dollars. So when you decide to back out because the offer is not good for you, you will lose the money you used to insure it. In addition, to make matters worse, you risk not getting other offers since the financial pool would have diminished by then.

Leave the early decision admission to the wealthy families.

In the strictest sense, early decision admission should be left to those students from wealthy families who are not worried about the amount of financial aid they will receive. If you really need adequate financing, regular application is the best option for you because it gives you the freedom to compare different offers and make the best financial decision.

Due diligence

The reason why students end up being screwed when it comes to college financial aid is because they do not give any thought to their college selection. You can minimize your mistakes by doing some due diligence. For instance, you can go through the collage’s website and check what their financial aid requirements are and what is covered in the offer. Most collages publish this information on their website. Therefore, you should not caught up in surprises.

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