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The idea of not knowing until May of your senior year where you're going would drive me nuts! Don't you want to know in December so you can plan?
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As the parent of a student who applied and was accepted ED, I can tell you that there is really only one significant advantage in terms of planning -- you know the climate the student is going to, so you may be able to obtain some seasonal clothing at end-of-season sales.
Other than that, I would be more concerned that the student who knows where they're going in December might regret it by May. ED is only a good option when the student knows for sure that this will not happen. In my daughter's case, the school she chose for ED was very similar to all the others on her list and was in a geographic area that she preferred over the others on her list. Thus, she felt (and I agreed) that regrets were unlikely.