Ok, got it, thanks.

Don't apply ED if you can't/won't pay the list price.

A big issue with ED is that you don't get to compare merit aid offers from multiple schools. If you're accepted ED, usually you can decline only if you can prove you really can't afford the college. Maybe one parent had a health crisis and had to stop working. But if you filled out the FAFSA and it shows your family contribution still equals or exceeds tuition, the college is unlikely to be sympathetic and let you off the ED hook.

Basically, families that need to compare merit awards or FA packages will want to apply EA, SCEA, or regular decision depending on what the school offers. ED is perceived to give a leg up to rich kids who can afford to apply without regard to net cost. That's why some schools like Harvard and Yale (?) have switched to Single Choice Early Action, which doesn't lock you in and therefore makes it easier for low- and middle-income families to apply early.

You might want to check the school's FA estimator. Also, collegecost.ed.gov shows a lot of cost info for various schools, but I just went there and it looks like it's been shut down by the furlough.

I was under the impression that if financial aid is a consideration, then you shouldn't apply ED.

Question about ED from newbie parent. Suppose DC has heart set on expensive SLAC #1 and wants to go early decision to increase chances. SLAC #1has some merit scholarships, some of which are quite generous, as do other schools on DC's list, for which DC appears eligible (but who knows). DC also has good state school options that would be much less expensive. Is it possible to decline early decision at SLAC #1 absent demonstrated financial need if no merit money is offered, or is DC contractually bound to pay full freight?