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You should apply ED if and only if you are ABSOLUTELY CERTAIN that Columbia is your first choice. Otherwise, if you are admitted, you will always wonder "what if?".
You have plenty of time to prepare an ED application. My son did it in a couple of weeks.
I believe that any perception that admissions odds increase with ED are a total myth, unless you are a URM, legacy, recruited athlete or development candidate. I don't know whether your status as the child of an employee has any impact.
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