Typically, our college admission process starts proper in Year 6, but some apply in Year 5. A few of those who were successful eventually go to college in Year 6, hence graduating early and skipping 1 year.
While I am by no means an expert on the psyche of admission officers, here is my take on skipping a year to apply early.
Pros:
1. If you arent successful you get to try again the next year, ie Year 6.
2. If you are successful you get to save 1 year and go straight to college - after all, there isnt very much more you need to learn in Year 6.
Cons:
1. If you are successful, you dont get to defer to go along at the same time as your friends. This means that you have to go.
2. No scholarships available for Year 5 students... (not the typical ones anyway, they want you to apply in Year 6 like everyone else)
3. If you cant go (refer to 1), you can reject them, but if you apply again to that school in year 6, I wonder if they will take in a student who rejected their offer a year ago.
4. The fact that you havent graduated may be detrimental to your chances (UPenn rejected Margaret because of that)
So to me you should apply early if you:
1. Dont have NS or commitments that may cause you to defer
2. Are prepared to pay your way through university or intend to apply for financial aid
3. If you think you are ready to make the jump into college and you dont need to spend another year in school
4. Think that your application is solid enough to make it that year (otherwise, why waste the $$ for applications)
A few kids from my batch applied early, and 2 eventually went (while we were Year 6) to MIT and Boston University (ie Margaret, who is going to UPenn this fall on a transfer after doing well in her 1st year of UG). I believe that another kid in Year 6 this year is going to UIUC (university of illinois urbana champaign) this year as well.
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