Is NYU's Early Decision 2 truly binding?

I'm thinking about applying to NYU under Early Decision 2, but I'm worried about the binding aspect. What if my financial aid package isn't what I expect? Can I still back out? How strict is NYU with this policy?

Early Decision, whether it's ED 1 or ED 2, is indeed binding. The general agreement is that if you're admitted, you have to go, and you have to withdraw all your other college applications. However, there's an important exception to keep in mind: you can reject the offer if your financial aid package is not sufficient.

If you apply to NYU and don't receive an adequate financial aid package, you have the right to reject the offer and apply to other colleges. Colleges recognize that financial circumstances can change and financial aid is an important consideration for most families.

To avoid unfavorable surprises, try using NYU's Net Price Calculator to get an estimate of your potential financial aid package before you apply. Keep in mind that the results from this calculator are estimates, not guarantees, but they can give you a good idea of what to expect. If you find that NYU's education may be unaffordable even with aid, it might be worth reconsidering your decision to apply Early Decision.

It's also important to note that rejecting an Early Decision admission over financial aid must be a genuine circumstance, not an excuse to get out of the binding agreement. Misuse of this provision may have serious implications, including harmful impacts on your reputation and future college applications. Always ensure you're transparent and honest in your communications with NYU or any other university.