Difference Between Early and Regular Decision?

I'm a bit confused about the difference between early decision and regular decision. Does applying early give you a better chance of acceptance, or is it more about when you find out? Any advice would help!

Early Decision (ED) and Regular Decision (RD) are two separate admission plans provided by colleges.

Early Decision is a binding admission process. This means that if you apply to a college as an ED applicant and get accepted, you are required to enroll in that college and withdraw any other applications you might have sent to other schools. This option is used usually when students have a clear first choice of college. It does, on average, increase your chances of acceptance to an extent, though the degree to which it improves your chances varies by school. For example, applying to ED could increase your chances of admission by about 60% at some very selective colleges.

On the other hand, Regular Decision is a non-binding admission process. You can apply to as many colleges as you'd like, and if accepted, you're not obligated to enroll. You typically find out about your acceptance in the spring and usually have until May 1st to decide where to enroll.

It's worth noting that applying to ED should only be considered if you are fully committed to attending that school (especially after checking out the financial aspect using the school's net price calculator), and RD gives you more time to finalize your college list and the ability to compare all financial aid packages before making a decision. So it's really about assessing which option fits your needs and situation most suitably.