Is early decision binding if you can't afford it?

I'm considering applying early decision to my dream college, but I'm worried I might not be able to afford it if I get accepted. Is the binding agreement for early decision still in effect if the financial aid package isn't sufficient? Any insight is appreciated!

Yes, early decision is considered binding, but there are some exceptions in cases when the financial aid package offered doesn't meet the student's demonstrated financial need. Generally speaking, colleges understand that financial circumstances may change or their aid package might not be sufficient, and they may allow students to decline their offers in such cases.

To avoid potential issues, it's important to research the college's financial aid policies before applying early decision. Make sure you submit the FAFSA and the CSS Profile (if applicable) accurately and on time to get a realistic financial aid estimate. Some schools offer a net price calculator on their websites, which can also help you gauge the affordability of attending.

In case you do get accepted and find that the financial aid package isn't sufficient, communicate with the college's financial aid office honestly and promptly. They might be able to provide additional resources or work with you to explore other financial options. It's crucial to have a plan in case your dream college turns out to be financially unattainable.