A popular myth going around these days is that applying for financial aid when you apply for admissions adversely affects your chances of being offered a spot at the college. This myth is absolutely untrue! In fact, most admissions offices and financial aid offices are kept separate to avoid even the appearance of bias when assessing a student's worthiness for admission.

However, accepting early admission may hurt your chances of getting entrance scholarships. Most financial aid packages -- including tuition discounts, waivers, entrance scholarships, and other scholarships -- are offered in the late spring along with general admissions. Early admissions merely tell you that the college is offering you a spot and you'll hear the financial news later. Unfortunately, the college wants to know immediately if you'll accept its offer. You can defer the offer, but then, who knows, it may not be available later. And, after you've accepted, the college has little reason to offer you a financial incentive because you've already committed yourself.

In this situation, talk with both the admissions officer and financial aid officer at the college as soon as possible. Explain that you want to attend the college, but you can't commit until you know that you can afford it. Do your best to convince them to offer you your college-based financial incentive now. If the financial aid officer knows that he or she can justify it, making the offer may be worthwhile to cut back on paperwork later.