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Applying to College Early Decision? 6 Tips for the FAFSA Delay
With the timing and size of financial aid packages in question for the 2024-25 academic year, consider early action or regular decision instead.
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Eliza Haverstock is NerdWallet's higher education writer, where she covers all aspects of college affordability and student loans. Previously, she reported on billionaires and investing for Forbes in New York, and she also covered private markets for PitchBook in Seattle. Eliza got started at her college newspaper at the University of Virginia and interned for Bloomberg, where she spent a summer writing a feature story about plastic straws. She is based in Washington, D.C.
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The delayed release of the 2024-25 Free Application for Federal Student Aid (FAFSA) could make it more difficult for “early decision” applicants to accurately gauge the cost of their college education.
Early decision is a binding process, usually with a November application deadline and a December admissions decision. Students may apply to only one college via early decision, and if accepted, they typically must attend or risk having to sit out of school for a year. An early decision application can boost a student’s odds of getting into their dream school, but it also means they lose the chance to compare and negotiate financial aid offers from multiple schools.
Because the 2024-25 FAFSA will be simplified — and the release delayed from Oct. 1, 2023, until sometime in December — many colleges won’t be able to provide accurate financial aid estimates or final packages alongside early decision admissions, says Connie Livingston, head of college counselors with admissions counseling group Empowerly and a former admissions counselor at Brown University.
“In years prior, you knew what your package was when you knew your decision,” Livingston explains. “Now you're getting an estimate, which is better than nothing, but it's not a guarantee.”
If you’re thinking about applying early decision this fall, here are six tips to help you navigate the FAFSA overhaul and your college financial aid prospects.
About 250 universities use the more detailed CSS Profile alongside the FAFSA to calculate institutional aid, like scholarships and grants. The 2024-25 CSS Profile opened on Oct. 1. At CSS Profile schools, prospective early decision applicants may have better luck getting an accurate financial aid estimate before they decide to apply, says Shannon Vasconcelos, senior director of college finance for Bright Horizons College Coach, an admissions and financial aid counseling company.
However, students who apply early to FAFSA-only schools likely won’t have a reliable financial aid estimate before applying, Vasconcelos says.
The vast majority of institutions that use the CSS Profile are private, although a handful of public schools like the University of Virginia and the University of Michigan also use it.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula for student loan products takes into account more than 50 data points across multiple categories, including repayment options, customer service, lender transparency, loan eligibility and underwriting criteria.
Fixed APR
3.19-17.99%
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. (1)All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. (2)As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3)This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 6/30/2025. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
Variable APR
4.24-17.99%
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. (1)All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. (2)As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3)This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 6/30/2025. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula for student loan products takes into account more than 50 data points across multiple categories, including repayment options, customer service, lender transparency, loan eligibility and underwriting criteria.
Fixed APR
3.19-16.99%
Lowest rates shown include the auto debit discount. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Advertised APRs are valid as of 6/23/2025. Loan amounts: For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Variable APR
4.37-16.49%
Lowest rates shown include the auto debit discount. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Advertised APRs are valid as of 6/23/2025. Loan amounts: For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
In past years, colleges’ online net price calculators have been the best way to estimate how much your education could cost at an institution — but with a lack of clarity around the new FAFSA, many of these calculators have not yet been updated, Vasconcelos says. Early decision applications should use other calculators.
The Education Department recently released a new Federal Student Aid Estimator to help students gauge their eligibility for aid like federal student loans and the need-based Pell Grant for the 2024-25 school year. The College Board’s Expected Family Contribution (EFC) calculator can estimate the aid you may get through the CSS Profile.
If your family has an income below a certain threshold — check the income cap with the early decision school to which you’re applying — it’s more likely that you’ll get enough aid to attend. Most early decision schools meet 100% of demonstrated financial need, but they don’t offer merit aid, Livingston says.
Students have the option to back out of early decision agreements if they can’t afford to attend. Carefully read the agreement at your school of choice before applying.
“I think that we're going to see more families take advantage of that fine print this year and pull out of that early decision agreement, because they didn't understand what they were getting into financially, or they did not have an accurate estimate of financial aid eligibility upfront,” Vasconcelos says.
Backing out from an early decision acceptance is a process. For example, at Columbia University in New York, families must consult with a financial aid officer and explain their circumstances before a student can be released from an early decision agreement. The timing can also be risky: When students finally get their delayed financial aid packages for the 2024-25 school year, application deadlines at other schools may have passed.
Make sure to print out and save any financial aid estimates you’ve received from schools, Vasconcelos advises. These records can come in handy if you need to request more aid or get out of your binding admissions agreement.
4. Request your FSA ID now
Each person — including the student and parents — who fills out the 2024-25 FAFSA will need a unique FSA ID. It can take up to three days to receive an FSA ID after you request it.
Request your FSA ID ahead of time so you’ll be ready to fill out the FAFSA right away upon its December release and get your financial aid package as fast as possible.
Everyone should fill out the FAFSA, regardless of whether or not they think they’ll qualify for aid, says Livingston. Many colleges use the application to help determine eligibility for scholarships and merit aid in addition to need-based aid.
5. Consider early action or regular decision
Roughly 87% of U.S. undergraduates received financial aid in 2020-21, according to the National Center for Education Statistics. For these students, applying early action (which is nonbinding) or regular decision may be a safer bet than early decision.
If you get multiple admissions offers, you can compare financial packages and costs of each school, and even try to negotiate your aid offers.
“When you apply early action or regular decision, then you're not making a commitment,” says Vasconcelos. “You can go back to schools and say, ‘Thanks for this nice $5,000 scholarship but this other school gave me $10,000; is there anything else you can do?’ and some schools are amenable to that.”
That type of negotiation is off the table if you apply early decision, Vasconcelos says, but you might still be able to appeal for more aid after an early decision acceptance if your financial situation changes.
6. Reach out to financial aid offices
If you need more help understanding how the FAFSA simplification and delay could affect your plans to apply early decision, reach out to the financial aid offices at your target schools.
“They are expecting a lot of questions, and maybe some confusion, so they're ready to help students and families through this process,” says Livingston.
