Is Early Decision legally binding, or just an agreement between student and college?

I've heard that Early Decision is binding, but what does that mean legally? If I apply Early Decision and get accepted, are there any legal consequences if I choose not to attend?

Early Decision is indeed binding, but not in the strict legal sense that you might be thinking of. It's an agreement between you and the college that if you're accepted under Early Decision, you will commit to enrolling at that college and will withdraw all your other college applications.

While this agreement is not a formal contract with legal penalties, violating it can have significant consequences. For instance, other colleges could become aware of your breach of the agreement and potentially rescind any other offers of admission.

That being said, there are a few situations where breaking an Early Decision agreement is considered acceptable, such as financial aid packages being insufficient for you or your family to afford the tuition. In those cases, it's important to communicate openly with the college's admissions office.

As a general rule, only apply Early Decision to a school if you're confident that it's your top choice and you're willing to accept the offer regardless of financial aid circumstances.