If you are going to advise students, you need to get a better understanding of this. ED is binding with one exception – if the student finds that the financial aid offer is unaffordable, the student can get out of the ED agreement. But your student needs to get all their FA information in by the deadlines for ED applicants, and they will only be given a short time to confirm that the FA offer works for them. It is very stressful for a student to be accepted, then turn down an offer that isn’t enough money.
What does it show in terms of aid if they try the net price calculator as a domestic student? Just curious whether it is even remotely possible for them to get enough aid. If not, then I would tell them to not apply.