^^Actually, that’s not quite how I read the instructions this year (which, I admit, have changed somewhat from prior years so not sure if I’ve missed something).
"Application
Wednesday, November 1, 2017
Freshman application first deadline. Students who apply by November 1 will receive full consideration for admission, University Honors Program, and scholarships. Admission decisions will be provided by the end of January and Honors and scholarships decisions will be provided by the end of March.
Note: Minnesota does not offer early action or early decision. The deadline for admitted students to confirm their enrollment is May 1.
November 1 is also the deadline for the Freshman Nursing Guarantee Program supplemental application.
Monday, January 1, 2018
Freshman application second deadline. Students who apply by January 1 will receive full consideration for admission, University Honors Program, and scholarships. Admission decisions will be provided by the end of March."
https://admissions.tc.umn.edu/freshman/deadlines.html
One big reason to apply by Nov. 1, however, is the housing queue. In prior years, the housing application opened up early-mid November. You don’t have to have an admission decision to apply but I believe you DO have to have a UMN ID # which is generated via your college application. The cost is $25.00 (non-refundable) but if UMN is high on your list, this is a very worthwhile expense! You don’t have to specify any choices yet because it doesn’t close till May and you can take your time and change your mind about your priority anytime till then. The housing ap. merely determines your place in the queue - the higher your place, the more likely you are to get one of your top choices 
While all freshman who request housing by the deadline are guaranteed it, you really don’t want to be towards the bottom of the list (esp. with one super-block dorm down for repairs). There will be a flurry of activity when that application opens up - if your application is in before that time, you won’t have to wait till they process your application while reading CC posts describing high placements in the housing queue. 