The second scenario is what colleges refer to as “summer melt,” and they expect some shuffling to happen as wait lists open up. You lose your deposit, so that’s your disincentive, but if switching schools is worth that cost, you’re free to do it. ED, as others have mentioned, is an agreement that colleges take far more seriously. It’s a commitment – ethically binding if not legally so. The only reasons to back out are financial (if a financial aid offer is not what the NPC predicted, or if there’s a sudden change in your family’s finances and the college is unable to adjust their aid accordingly) or a major change in life circumstances that you could not have predicted when you signed the agreement but now prevents you from following through.
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