What does Early Decision 2 mean in college applications?

I'm a bit confused about the Early Decision 2 option some colleges offer. How is it different from Early Decision 1, and are there any specific advantages or disadvantages to applying under this plan?

Early Decision 2 (ED2) shares a lot of similarities with Early Decision 1 (ED1), but the timing is what differentiates the two. ED2 typically has a later deadline, typically in January, while ED1 deadlines are usually in November.

Like ED1, ED2 is binding; this means that if you're accepted, you have a commitment to attend that school, provided that the school's financial aid offer makes it possible for you to do so. Therefore, it's important to apply ED2 only to a school that is your top choice, just as you would with ED1.

The advantage of applying ED2 is, you get a bit more time to bolster your application, raise your grades, show more of your senior year classes, or even retake standardized tests if required. It also gives you an opportunity to apply early to a different school if you weren't accepted ED1 at your first choice.

In terms of acceptance rates, many colleges admit a higher percentage of both ED1 and ED2 applicants compared to the regular decision applicant pool. It means that applying ED2 could potentially increase your chances of acceptance, much like ED1.

Remember to weigh these advantages against the commitment factor. Since the decision is binding, you should be completely certain that this is your first choice and that it's financially feasible for you and your family.