Is “can’t apply to more than 1 school” still in place? How do financial aid/merit scholarships work?
Read the school’s web site about what ED2 allows. Most likely it prohibits any other ED (if you applied ED1 anywhere you must have already heard the results from that school). FA timelines may require you to submit your FA info early. By applying ED you may be putting merit aid in jeopardy. Merit is usually to entice students who are undecided. ED students are not in that category
What do you mean by this?
They already have you with ED. They don’t need to entice you with merit. Some schools may not play that game but I would think some do.
I would check with the college to see if ED affects merit scholarships.
For ED 1 make sure you can afford with normal financial aid via css form and fafsa using the NPC calculator. Merit should be a welcome but not necessary ingredient for that level of a university. Many of those schools don’t offer merit in any case. EA is usually a safer decision.
Ed 2 once you are rejected or deferred you can do the next option. Same idea as above. But remember if you ed II and you are deferred ED 1 you can find yourself having to say no to your ed 1 school, if you are accepted in the rd round at your first choice and also the ed 2 school.
Also, EDII deadlines are often about the same as RD deadlines and since you don’t know if you’ll get into your EDII school you need to also submit RD apps. But obviously only one EDII. If you get in, then you must withdraw your RD apps.