Is it risky to do regular decision instead of early?

I hear mixed opinions on whether applying regular decision is a bad move compared to early decision. Can anyone shed some light on the pros and cons, particularly for competitive schools?

Applying regular decision versus early decision (ED) or early action (EA) ultimately depends on your individual circumstances, choice of school, and application readiness. Here are the pros and cons:

Early Decision (ED) Pros:

1. Higher Acceptance Rates: Many selective schools tend to admit a higher percentage of ED applicants in comparison to regular decision applicants. Notably, on average, applying ED can result in a 1.6x or 60% increase in your chances of admission.

2. Peace of Mind: Applying ED can relieve some of the stress of the application process. If you're admitted, you'll know where you're going to college by December or January, rather than waiting until spring like regular decision applicants.

Early Decision Cons:

1. Binding: ED is binding, meaning if you're admitted, you're committed to attending that school. This can be problematic if your financial aid award is insufficient. Although it's possible to cancel the ED agreement for financial reasons, it's not ideal.

2. Time Crunch: Applying ED means that your application must be complete by an earlier deadline (often in November), which can be a challenge if you're struggling to balance schoolwork, standardized tests, and extracurriculars.

Regular Decision (RD) Pros:

1. Extra Time: Applying RD gives you more time to polish your essays and gather materials for your application. Plus, you get the fall semester of your senior year to boost your GPA if need be.

2. Options: With RD, you can apply to multiple schools and, if admitted, choose the one that best fits your needs and preferences.

Regular Decision Cons:

1. Lower Acceptance Rates: RD applicants may face more competition for fewer spots, as many selective schools fill up a large chunk of their class with ED applicants.

2. Extended Wait: If you apply RD, you likely won't hear back from colleges until March or April, which can be nerve-wracking.

In summary, applying ED has advantages, but you need to be absolutely certain that the school is your top choice, and you must be comfortable with potentially having less financial flexibility. RD is a safer, more flexible option, but competition can be steeper.