What is Early Decision 1 vs. 2?

Can someone clarify the difference between Early Decision 1 and 2? I'm trying to decide which might be better for my situation. Is one more competitive than the other, or are there different advantages?

Early Decision (ED) is a binding admissions process used by many colleges where you commit to attend the college if accepted. There are usually two rounds: Early Decision I (ED1) and Early Decision II (ED2).

ED1 deadlines usually fall in early to mid-November, with decisions released in mid-December. If accepted under ED1, you are required to withdraw all other college applications immediately.

ED2 comes with a later deadline, generally in January. Like ED1, it is a binding agreement, meaning if you are accepted, you are committed to attend. Decisions for ED2 are usually released in February.

Neither option is typically more competitive than the other—the acceptance rates are generally similar for both rounds. As for the advantages, ED1 allows you to potentially secure an acceptance earlier in the application timeline which could potentially decrease stress. ED2 can be advantageous for students who are not ready to make a binding commitment by the time ED1 applications are due, or who are perhaps waiting for first semester senior grades to bolster their application.

In terms of strategy, ED2 can also serve as a second shot at a top-choice school for students who were denied or deferred during their ED1 or Early Action round at another school. Always remember the binding nature of these processes though; only apply ED (be it I or II) if you're absolutely sure the school is your top choice and you have no need to compare financial aid offers from other institutions.