You May Pay MORE for College by Applying Early Decision

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My son has been busy filling out his college admission applications. I have been impressed how organized he is. He has created a spreadsheet to track each school’s application deadlines and whether or not they require letters of recommendation or an interview. He has also looked at all the essay questions and has written an essay that can be used on almost all the applications. This has allowed him to spend more time editing his work to his satisfaction rather than having to write a completely different essay.

A good number of colleges he is applying to accept the Common Application. This is a time-saver for students in that they only have to fill out all their transcript information once. Most colleges have their own supplemental applications that need to be submitted along with the Common Application. But with careful planning, students can many times only have to write two or three essays and fulfill all their writing requirements.

My son has been receiving many offers from schools to submit special shortened applications for early decision. Early decision, in most cases, is binding. This means that if he applies early decision and the college accepts him, he will have to attend that school. Students who apply early decision have already decided that the school they are choosing for early decision is their first choice school. It’s tempting to think about submitting a simpler application and getting a decision before the end of the year. But I know it’s a more complicated decision for a family than it appears. Here’s why:

Colleges love when they can get desirable students they have identified to apply early decision. They want to know as early as possible which seats for the incoming freshman class are filled. The problem with this strategy for a student is because the school knows the student is obligated to attend, it will be less likely to come up with any “enticement money” to encourage the student accept the offer. This could mean your family will pay more for college than you would have to otherwise.

Our family has decided to not have my son apply early decision to any schools. We have carefully chosen a list of schools where he will be in the top 20% of applicants - which will make him a desirable candidate and increase the likelihood of receiving a strong financial aid package. At this point my son wants to be able to weigh all his options and wait to see what financial packages come his way. Your family will need to decide how your child will handle the admissions process. Just realize that how and when your student applies may impact the “total due” on the bill that will hit your mailbox next summer.

Keep up on the latest tips to help you pay for college!

All the best,
Deborah Fox

Deborah Fox is the founder of Fox College Funding, a nationwide company that helps families find creative ways to reduce their college costs.

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