When Early College Admissions Go Extreme

Even those who support early admissions grapple with the issue of financial equity. Many schools insist on binding admissions, which means that that those who apply early must commit to attending that school and pay a deposit. That means the student cannot compare that school's financial aid package to those offered by others.

Colleges argue that they tailor aid packages, even in early admissions programs, to lower-income students' needs. Merit scholarships are also available at many schools for early admits. Students who apply by Nov. 15 to Smith College in Northampton, Mass., are eligible for its STRIDE merit scholarship, along with "competitive" aid packages, says Debra Shaver, Smith's director of admissions. "Students would get the same financial aid package whether they apply early or regular," she adds.

But educators agree that most low-income and minority students simply don't know early admissions are an option, and thus miss out on the progams' often higher acceptance rates. Schools in poor areas can't afford to keep college counselors on staff all summer to process applications. "I do think lower-income students tend to apply later in the process," says Liz Daniels, dean of admissions and financial aid at Emory & Henry. "I can see how it can possibly disadvantage them."

By changing the rules, Harvard may succeed in opening its gates wider to kids who don't get to spend their junior years perfecting their essays. NACAC and other colleges aren't pushing to end early admissions altogether. But after its vote in October, the shouts of "I got in!" may have to wait at least until senior year begins.

—With reporting by Carolyn Sayre/New York