Is there a general rule for colleges on whether a student can apply binding early decision and decline an acceptance if the tuition exchange benefit doesn’t come through? Or does it vary enough that we’d have to contact each school?
You should check with each individual college. Early in the process D20 was considering applying ED to a TE college. When we contacted the college about this same issue, they stated that failing to receive TE was NOT a cause for being released from the ED commitment. They stressed that only a low FA offer would be grounds for pulling out. ED is such an important decision that it is worth contacting each college individually about their policy.