Do Early-Decision Financial Aid Packages Change After Frosh Year?

Question: If I apply Early Decision, am admitted, and I accept the financial aid package I'm given, what happens in the second year? Is the financial aid package the same? What if my financial situation changes?

First of all, if you apply Early Decision, depending on how early indeed your application deadline is, then the aid package you receive may be just a tentative one. For instance, if your ED deadline is in November, your projected aid award will be based on the previous year's family tax figures and not on the current year's, which is the one that officially "counts." So, if your family circumstances have changed significantly, the package that arrives with your ED acceptance may not be all that close to what you should really expect. This doesn't happen a lot, but it certainly can.

Keep reading Show less
Find Your Best Fit
Find your best fit college and track your favorite colleges.
Connect with your future classmates
Offer not stacking up? These articles may help
Expert advice and answers to common SAT and ACT questions