Given how early in the recruiting season this commitment is being made, I would imagine that the OP will be required to apply EA/ED, and a LL will be forthcoming some time in October or November.
While it is always prudent to have a plan B, it will be a sensitive matter if OP talks to other programs during this time. Coaches are finalizing their rosters and the OP will need to be careful to not give a reason for a coach to doubt his/her sincere interest. If money is an issue, the OP should be honest with the coach who has made the commitment.
Again there is a domino effect when athletes and/or programs renege on commitments. It can upset an entire recruiting year.