<p>The sticking point there, as I understand it, is that the school must fail to meet the needed amount as per FAFSA standards. The family must be able to cover its EFC - and many families find they cannot. The finaid offer may also consist of a heavy component of loans instead of grants, and the student/family may be hesitant to take on substantial debt. For an OOS student at W&M, the loan portion would certainly be significant, because the school meets the needs of in-state students first.</p>
<p>ED is a great option for students with a clear first choice who don’t need to compare finaid offers. Of course, you never have to accept an offer from any college - but your other options are usually limited (gap year, a state institution with demonstrably lower tuition following a discussion with the ED school). For example, you may apply ED to Duke and be accepted but find your family can’t really pay its EFC, even though Duke’s finaid offer covers 100 percent of your demonstrated need. Duke would not simply say “sorry and good luck” if you then apply RD to Vanderbilt, Rice, and Emory in the hopes of receiving a better finaid offer. </p>
<p>Each year there are several contentious threads on the Parents Forum debating the binding nature of early decision. Here are a few memorable ones: </p>
<p><a href=“http://talk.collegeconfidential.com/parents-forum/826733-decline-early-decision-acceptance-offer.html?highlight=early+decision[/url]”>http://talk.collegeconfidential.com/parents-forum/826733-decline-early-decision-acceptance-offer.html?highlight=early+decision</a></p>
<p><a href=“http://talk.collegeconfidential.com/parents-forum/473601-what-exactly-happens-if-you-back-out-early-decision.html?highlight=early+decision[/url]”>http://talk.collegeconfidential.com/parents-forum/473601-what-exactly-happens-if-you-back-out-early-decision.html?highlight=early+decision</a></p>