Early decision plans allow high school seniors to apply to and hear back from colleges early in their senior year. In academia, just like in the real world, there is no such thing as a free lunch. In exchange for the early decisions, students admitted to the prospective colleges are obligated to attend them. This contractually prevents students from attending a different college and locks them into whatever financial aid package they were originally promised.
ED Applicants should only apply to one college with the early decision plan, but can apply to other colleges using the standard application process. Once admitted to a college with the early decision plan, applicants should withdraw all other college applications as they are legally obliged to attend the ED colleges that accepted them.
There are several advantages to early decision plans. One of the most significant advantages is that prospective students usually learn by December whether or not they were admitted into the ED college of their choice. By learning early in the school year that he has been accepted to the college of his choice, a high school student can relax more during the school year. If rejected early on by his preferred college choice he has time to find an alternative college.
Early action plans allow high school seniors to apply to colleges earlier than students using the standard admissions deadlines and learn whether or not they are accepted earlier than the masses. The applicants learn whether or not they are admitted to the colleges of their choice in January or February.
EA plans are not contractually binding, which is a great advantage. Applicants can apply to two or more colleges which offer early action plans and can choose whichever one they want or none of them. The high school students also have more latitude to negotiate for a better financial aid package. Students accepted to colleges using the EA plans have until May 1, the standard reply date, to select a college that offered them EA admission. This advantage allows high school students more time to decide which colleges they want to attend.
The ED and EA programs share mutual benefits. Both decrease the amount of time that college applicants spend waiting for a decision and the stress that comes with waiting. University applicants can avoid needlessly spending time and money submitting multiple applications. Applicants accepted to the college of their choice early can focus their efforts on seeking housing and making other college preparations rather than spending their time waiting on a decision. Prospective students who are rejected by their preferred colleges have more time to apply to other colleges or consider alternative plans. An additional advantage is that once admitted to the college of their choice, high school students can be less concerned about their spring grades affecting their college applications. However, they should not neglect their studies and fail because this can have significant adverse consequences.
Early decision plans limit students to only one preferred college. Hence, ED applicants surrender their freedom of choice. Once admitted to an early decision college, the accepted applicant has very little leverage, if any, to renegotiate the financial aid package.