So I have been accepted by NYU via ED 2. My application says I would have to confirm my acceptance by march 2nd or I will no longer be considered by NYU. Let’s say, theoretically, I got accepted by a better college from now before March 2nd, can I just get out of the ED 2 binding by ignoring the confirmation with no penalty? The question is just out of curiosity btw, I dont think any colleges are dropping decisions before march 2nd.
As you say, this is just a hypothetical situation, because you are unlikely to receive any admissions decisions between today and March 2.
Would you be backing out of the ED contract due to financial reasons? Regardless the reason you will have to notify your HS GC and NYU if you want to back out. You can’t just let the deposit date pass by and ignore things, both you and your GC are likely to get calls.
If you, theoretically, attempted to back out of an ED 2 agreement, by ignoring the confirmation, because you get into a better college - that would definitely not be ok. Would it work? It may or may not, but definitely not worth the risk IMO.
Unless NYU gave a surprisingly worse FA offer than its NPC showed you before applying (which is certainly possible from NYU), it is not very nice to back out of an ED admission.
Technically, since you have been admitted you are supposed to withdraw all outstanding applications at this point and not wait for the other decisions. However, NYU will allow you to ask to be released from ED for two reasons: if you cannot afford to attend or if you were admitted to a program that was not the primary choice indicated on your application. You do have to ask to be released, not just ignore the deadline.
If this is the case (admitted to second choice program) they tell you in the admit letter that you are not bound by the ED agreement, so you don’t have to ask. You do still need to accept or decline by the ED2 deadline though.
For financial reasons you need to inform them as discussed above
OP, you signed an ED agreement together with your counselor and parents to accept as binding, if an offer was made for your first choice program, unless the finances did not work. If you think there is a better option out there you shouldn’t have signed an ED agreement in the first place. There may be consequences for backing out unless the reason is a clear financial one.