LOL, I don’t know about Priceline, but yes every family has to decide for itself what it affordable. Let’s take Tulane out of the sentence because this is universal. We first have to assume that everyone is dealing in good faith. If the student/family has changed their mind about the ED school in the meantime and is saying that they cannot afford even $10,000 a year when clearly their EFC is at least $35,000 a year in the least generous calculation, then they are using “financial considerations” as a very poor fig leaf to try and cover an unethical move. I mean it is tough because you never want to make a student go someplace they don’t want to, and they might change their mind for any number of reasons, good or bad in our minds but always good in theirs. And frankly if that student called the school and said “Look, I just had this change of heart for X,Y,Z reasons and I am truly sorry but…” I cannot imagine a school that, while expressing displeasure, not saying OK we hope you do well somewhere else.
But assuming good faith on the part of the family and the school, then yes you can break the contract. For example, if the EFC is reasonably $35,000 but that family truly believes that amount will be a hardship and the school won’t budge on FA, then they part ways. No university has the authority to tell you how to spend your money short of paying the bill they can rightfully send you for services rendered and down payments agreed to. ED is not a down payment agreement, even if it seems like it in some ways.
But again, the dealings really need to be ethical. Not only because it is right, but also because there are consequences in many cases. Most kids brag about where they applied ED and got in. If it then comes out the agreement was broken and the reason is less than credible, there is a certain shame that will come to that kid and family, especially at that school the rest of senior year, not to mention if there are younger kids from that family at the school.
All to say take ED very seriously and be sure that Tulane is truly the top choice if you apply ED there, or that X school is the top choice if you apply ED there instead. The odds are very good that Tulane will work hard to make itself affordable for an ED accepted student.