Because CWRU gives the full financial package at the time of December admissions for EA or ED, That would still leave a student time to apply regular decision to other institutions, but not that much time, as the letters, on line admissions and financial aid /merit packages from CWRU come out Dec 19 this past year, and maybe Dec 15, when my older child applied. RD applications are typically due on January 1. So thats only two weeks. I think its better to not apply ED unless a student knows they can afford it. Although the student could “get out of the arrangement” by pleading ignorance or poverty ! Or, apply ED, hope for the best package ever but just do all your other applications, RD and have them on hold in case the CWRU financial package is not making the school affordable.
I think that is a lot more stress than simply applying EA and comparing offers as they come in. Most middle income families do it this way, but ED is a very interesting monkey wrench.
ED does allow one to apply in some cases to other schools, but one must immediately withdraw those applications if one gets into the ED school per the rules. For instance, my nephew applied to Carton College ED and U of Illinois early .He had to immediately withdraw his UIUC application when he got into Carlton ED.
My niece applied ED to Williams and early to U of Chicago and got into both. She had to immediately withdraw/turn don the offer from U of Chicago and enroll at Williams college per the Williams College ED agreement.