Early Decision (ED) in colleges is binding. It means you are obligated to attend if you applied and were accepted. However, the agreement isn’t legally binding, a college cannot collect tuition from the student. But if the student got into the college where he applied for an early decision then they have to go into that college and withdraw all other college application

But what happens if you have second thoughts then how do you handle backing out of your early decision? However, there are certain situations mostly financial situations can be excused and students can back out. Here are some things that may happen if you back out of your early decision:

The financial aid package you received is insufficient:

Often, students who cannot afford the costs of attendance can back out of their early decision contracts without penalty.  Discuss the issue of 4-year expense with the family if it’s manageable or not then Provide the school with your final financial situation and your expected financial package. If the school meets your expectations, ask that it withdraw from the admission process. However, be sure to compare the costs with other colleges before making a decision. In addition, do research on the college and program you got in deeply.

The decision is made to attend another school:

Students who are admitted may have more than one admission offer withdrawn in this situation. In early decision colleges, you may be contacted by other schools to inform them that you broke your agreement, which may negatively affect your application. Any deposits you make will also be lost.

A family emergency or other urgent matter requires your attention:

The majority of colleges attempt to help students facing an emergency situation, such as a sick family member or financial difficulties. During these instances, the school might allow early-decision students to delay their start date