ED is only right if both are met: 1) you know the school is your first choice and 2) you would definitely attend if admitted (note - this is NOT a good faith effort but a binding commitment). Can you really say that #2 is met? I’m seriously wondering if your parents have thought this through as well - given that they’ve agreed that you will fork over $27,000 via book rental, cheap food, some as-yet-unnamed scholarships, a part-time job (realistic at UChicago?) and, finally, an amount of debt that THEY would end up having to co-sign! (Anything over $5,500 is either a Parent Plus loan or a private loan that will likely require their John Hancock).
Why not try EA? Perhaps the chances for admission are lower (we really don’t know what’s going on this year!) but the up side is that you can walk away without penalty and you have more bargaining power with them if accepted.