Pros and cons of universities with Early Decision 2

I'm thinking about applying ED2 to a few schools and want to weigh the pros and cons. Does anyone have insights on how ED2 might impact financial aid and admission compared to Early or Regular Decision?

Certainly! There are definitely a few factors to keep in mind when considering whether or not to apply ED2 to a given university.

Let's start with the pros:

1. If you have a clear first-choice university and you're absolutely sure that you'd attend if accepted, ED2 can give you more time to strengthen your application than the typical ED1 timeframe. This might mean more time for SAT prep, for honing your essays, or for adding any notable achievements.

2. Applying ED2 can be beneficial from an admissions standpoint. Many schools with ED2 policies tend to have higher acceptance rates during this round than during regular decision. For example, if your chances before choosing to apply early were 4%, that might bump your chances up to 6.4%, which is a significant increase of about 2.4 extra percentage points.

Now for the cons:

1. One of the main concerns with applying ED2 is the potential financial impact. ED2, like general early decision, is binding. This means that if you get accepted, you're obliged to attend, regardless of whether the financial aid package is adequate. It's crucial that you use the Net Price Calculator for the relevant institution ahead of applying to get an estimate of your possible financial aid package. Note that it is possible to back out of an ED agreement due to financial reasons, but you should aim to avoid this circumstance.

2. ED2 still carries the same restrictiveness as ED1. This means that if you're accepted ED2 at a school, you need to immediately withdraw your applications from other schools. You won't be able to compare financial aid offers or reconsider your options.

It's crucial to weigh these factors carefully before making your choice, taking into account your academic profile, financial situation, and overall university preference. Ultimately, ED2 should only be used for a school that is your top choice and that you would be happy to attend regardless of other potential acceptances and offers.