Is early decision or regular decision the better choice?

I'm really stuck on whether early decision or regular decision is better for the schools I love. Does applying early help my chances? Are there any drawbacks I should consider?

Sure, applying early (either through Early Decision or Early Action) can be strategic and potentially beneficial. When applying Early Decision or Early Action, there tends to be a smaller pool of candidates, which might increase your chances of standing out.

You're correct in understanding that applying early can boost your chances. Stats show that applying ED can result in a 60% increase in your chances of admission at highly selective schools. The reason is largely because colleges appreciate the demonstrated interest and commitment ED/EA shows, and because it helps them secure a certain percentage of their incoming class early in the application cycle.

However, there are concerns to be aware of. If you apply Early Decision, remember that it’s binding. This means that if you’re admitted, you must attend that college, unless the financial aid package is inadequate. So, it's crucial to be sure that the school you apply to ED is undoubtedly your first choice.

For Early Action, it's non-binding, so you're not committed to enroll if accepted. This gives you more flexibility, allowing you to compare admissions offers and financial aid packages from all schools you were accepted to before making a final decision.

It’s worth noting that financial aid can also be a concern. Since an ED application signifies commitment, schools may not feel as inclined to entice you with generous financial aid packages as they would for an undecided applicant in the regular pool. But many colleges do pledge to meet 100% of demonstrated financial need for all admitted students, including those admitted ED. To estimate your aid for schools you're applying ED, use the net price calculator on their website.

Lastly, if your grades need a bit of improvement or if you want to retake standardized tests (assuming the school isn't test-blind), then applying regular decision may be more fitting because it'll give you more time.

In essence, your decision to apply early or regular decision will depend on how ready your application is, the level of commitment you’ve decided on for a specific school, and your financial situation.