What is Early Decision 2 and how does it differ from Early Decision 1?

I'm trying to figure out how Early Decision 2 works and how it's different from the first round of Early Decision. Does applying ED 2 still give you an advantage, or is it mainly for people who missed the ED 1 deadline?

Early Decision 2 (ED 2) is indeed similar to Early Decision 1 (ED 1) in many key ways. Both are binding, meaning that if you're accepted, you're committed to attend that institution and must withdraw all other applications. Both options also show the school your strong interest in attending, which could potentially increase your odds of getting in.

However, there are a few main differences. The timing of the application is the most obvious one. ED 1 deadlines typically fall in early November, while ED 2 deadlines are usually in January. ED 2 basically gives you more time to make your decision, perfect your application, and also compare financial aid packages if you’ve been accepted into any schools in the Early Action round.

In terms of the advantage they may give you odds-wise, yes, applying ED 2 can still boost your admission chances, similar to ED 1. Studies have shown that, on average, applying ED (either 1 or 2) can result in a 1.6x, or a 60% increase in your chances of admission at selective schools. However, this varies by school, and you should carefully research the past admission statistics at each school you're considering.

Finally, ED 2 isn't just for those who missed the ED 1 deadline. It could also be for students who were rejected or deferred from their ED 1 school, or for students who had a change of heart about their first choice after the ED 1 deadline. These students can then apply ED 2 to their new first-choice school.