You can back out of the ED contract if the aid has changed. It’s worth talking to the FA office and telling them the situation and that now it isn’t affordable unless they raise their package.
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I also encourage you to contact FA, hopefully you kept a screenshot of the prior NPC results.
I do agree with others that you can break the ED agreement if the school is unaffordable. I hope your student has other affordable acceptances already and/or other apps in.
Have your student keep working on apps until this FA situation resolves with the ED school. You don’t want to put in a bunch of late/rushed apps if the ED school doesn’t come up with more money. Good luck.
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