The Zinch Report

Nancy, a Zinch grasshopper, recently asked me a question some of you might also be having: “I really, really want to apply ED [early decision] to my dream school but I'm worried I might not get the sufficient financial aid that I need and then I would be in a tough pickel. What would be your advice? To apply ED to that one college or apply to various colleges through regular decision and wait to see what I get offered?”

To Nancy & the dreamers:

Well… call me Oprah but I am a believer in dream chasing. Fair warning… dreams are often not the practical approach. So if you “really, really” want to apply to your “dream school” this would be my advice: do it, then get cracking on the financial aid side of things and make it happen no matter what the costs—‘cause that’s how you make dreams happen. Once that ED app is in the mail, switch gears. If your dream is all about this one school, then once your app hits the mailbox everything you have once worked so hard for, i.e. GPA, ACT, SAT, leadership, extracurriculars, etc., become secondary to making enough money to pay for this dream school. Prioritize:

1. First priority becomes getting financial aid through your dream school. Make sure you know everything they offer then rock out any of the financial aid applications. Follow up with their financial aid counselor regarding the FAFSA forms and Pell Grants and other government assistance. Ask about work/study programs and see how you qualify and apply so you are at the top of the
2. Second, hit the scholarship scene like nobody’s business. Here is a scholarship role model, Sam Lim, check out his website as well—great resource.
Start local and for scholarships that target your demographic. These are the scholarships with the least competition and your best chance of cleaning up on. Then move on to the general scholarships.
3. Third, if you are not working part-time, hit the streets and get employed. Warning, third priorities come only after you have exhausted priorities one and two. You can earn way more money in way less time working the scholarship scene. Keep your focus there first... but once that is exhausted get yourself an income. Also, work now to make sure that you will have a high paying job lined up for the summer between your senior year of high school and your freshman year of college.
4. Fourth, get creative. I will be doing a blog post in the near future about creative ways to finance your education, but for now, beg in the streets, host a fundraiser, sell baked goods door-to-door. If it is your dream then you make it happen. “The young do not know enough to be prudent, and therefore they attempt the impossible, and achieve it, generation after generation.” – Pearl S. Buck. I would say the same is true of dreamers—throw prudence to the wind, do whatever it takes, and you will you find a way to make it happen.

To the practical and the strategic:
And for the practical crowd, here is my practical advice. If your college resume is strong as a junior and your main concern is getting into your school of choice, then do ED. However, if your are unsure in any way about where you would like to attend, or, contrary to everything I just told Nancy and the dreamers, if financial aid is a concern, then wait and do regular decision.

Competition amongst colleges will get you a better financial aid package in the end—guaranteed by Adam Smith himself. America is built on the principle that competition gets us the best price possible and if you don’t believe that then read this and move to China. You will fit right in. Having colleges fight over you is the best thing possible for your bank account.

Colleges take ED very seriously. Almost all are binding and almost all competitive schools honor each others ED. That means if you back out of an ED, you are not going to get in any competitive school. It’s off to community college for you. Because schools own you once you do an ED, they know they do not have to compete with anyone else over financial aid and often offer you less-than-competitive FA packages.

Last word. To Nancy and the dreamers. You can get released from an ED obligation if the financial aid package they offer legitimately falls short of you being able to fund your education. Be warned though, the burden of proof is on you.