How Binding is the Early Decision 2 Agreement?

I'm considering applying Early Decision 2 to one of my top schools, but I'm a little nervous about the binding nature of the early decision agreement. Can anyone explain how binding Early Decision 2 is and what happens if I want to back out?

Early Decision (ED) is indeed a binding agreement - this means that if you're admitted, you are expected to attend that school and must withdraw all other college applications immediately. Schools use the ED agreement to ensure that the students who are most committed to attending will secure a spot in the upcoming class.

However, there is one main circumstance where backing out of an ED agreement is typically accepted - financial aid. If you're admitted under ED and the financial aid package makes it impossible for you or your family to afford to attend that college, you can break the ED agreement. This is why it's crucial to use the net price calculator (available on most schools' websites) before applying for ED to ensure the predicted financial aid package seems feasible.

It is very important to know that backing out of an ED agreement for reasons other than financial unfeasibility (like changing your mind about the school or getting a better offer somewhere else) can have serious repercussions. Schools often communicate about these breaches and it could potentially affect your admission at other schools.

So, before you choose to apply under ED2, make sure to do a thoughtful evaluation - ensure it's the school you truly wish to attend and that it would likely be affordable according to the school's net price calculator results.