If you’re like most students then you likely don’t have a college admission consultant working around the clock to ensure your admission to the Ivy League and other elite universities.

And if you’re especially like most students then you are probably unaware of the advantages that come with getting a head start on college applications. 

Applying early is arguably the best open kept secret among well-resourced applicants because it is a sure and easy way to streamline the application process and reap the benefits of an early submission: receive earlier decisions and a significant boost in the admission process.

What you should know:

• Round 1, Early Decision (ED I) – Apply by Nov and hear back in Dec.
• Round 2, Early Decision (ED II) – Apply by Jan and hear back in Feb.
• Early Action (EA) – Apply by Nov and hear back in Dec.
• Single-Choice Early Action – Apply by Nov and hear back in Dec.

How it works:

• Apply by Nov. 1st (deadline may vary) and receive your decision in mid-Dec. This means you must prepare much earlier typically in the middle of your junior year.
• If you are deferred, you will be reconsidered for regular admission so you get another shot!

Why it works: 

• Selective universities prefer picking from this pool of applicants because most will matriculate if admitted which, in turn, boosts the institution’s yield rate.

What you should also do:

• Use the net price calculator on the college’s website to estimate your financial aid package and expected family contribution. If you’re in that ballpark then there is a good chance you can afford it.
• Apply for federal (FAFSA) and institutional aid regardless of your financial situation.
• Apply to academic programs that offer financial support (i.e., QuestBridge Scholars Program).
• Apply for scholarships.
• Have applications for regular admission on standby so you can quickly submit them in the event you are rejected by the ED I institution.

At Harvard University, for example, the acceptance rate for regular admission sits at a measly 4.63 percent, which is among the lowest of the Ivy League. However, the admittance rate for early applicants is a whopping 13.9 percent – a 300% boost!

And at other selective universities, such as Brown, Columbia, Duke, Northwestern, Vanderbilt and Rice, the acceptance rate for early applicants is increased by a factor of two to three while others will simply admit 50 percent of the pool!

If that wasn’t enough, colleges with lower yield rates (“safety schools”) typically admit more from this pool of applicants than institutions with better success at attracting students.

A competitive yield rate is important to an institution’s bottom line because a good brand often translates to more applications and more applications mean more revenue.

To put things into context, only about 26% of students admitted through regular admission will matriculate compared to 87% of those admitted through early admission. 

This statistic alone is a major reason why early applicants are seen more favorably than those who apply for regular admission. It’s a win-win situation for both parties: admitted applicants will likely attend and the institution’s yield rate remains competitive.

Related: Not a psychic? Want to know what elite colleges also want from applicants? Check out this article to learn more.

Related: Want to know which universities offer early admission? Check out this article to learn what the deadline is for each university.

There are two types of early admission: 

• Early Decision (ED) 
• Early Action (EA)

Early Decision

Early decision is a binding agreement in which an applicant commits to a university and agrees to withdraw all college applications if admitted.

Note: Application fees will not be refunded for withdrawn applications.

There are only two instances in which applicants can be released from this contractual agreement: (1) the student can demonstrate an inability to reasonably meet the family contribution for tuition or (2) a rejection letter. 

Note: Refusing the financial aid offer will effectively decline admission to that ED institution in which case you can apply for either ED II or regular admission elsewhere.

Benefits:

• Significant admission boost
• Demonstrate high interest early in the admission process
• Can simultaneously apply to EA institutions
• Stress-free senior year

Limitations:

• It is a binding agreement so applicants are unable to compare or negotiate financial aid packages between colleges
• Must start preparing in the middle of junior year and the following summer
• Can only apply to one ED institution

I recommend only applying for ED I, as opposed to ED II, because in the event you are rejected there should be enough time to send applications to other universities for regular admission.

However, if you still would like to apply for ED II at another university then submit it with the rest of your applications since it shares similar deadlines with regular admission. 

Note: You cannot apply to ED I and ED II at the same time.

Remember to not take this decision lightly as there are significant financial implications:

• Since applicants agree to matriculate if admitted, s/he loses choice and the ability to negotiate for a better financial aid package.
• This means applicants will instead have no other option but to accept the initial financial aid offer or risk losing admission.

Early Action

Early action, on the other hand, is a non-binding agreement in which applicants are permitted to apply to multiple EA institutions simultaneously.

Note: However, single-choice early action (also known as restrictive early action) is a variant that incorporates aspects of both EA and ED so it is non-binding but does not allow simultaneous applications for early admission.

Benefits:

• Significant admission boost
• Demonstrate some interest early in the admission process
• It is not a binding agreement so applicants can compare financial aid packages between colleges
• Can apply to multiple EA institutions
• Stress-free senior year

Limitations:

• Admission boost is not as high as early decision
• Must start preparing in the middle of junior year and the following summer

Applying early action is advantageous for those who want to strike a balance between an admission boost and preserving choice.

This is an opportunity to compare and negotiate for a better financial aid package and determine which option makes the most financial sense for you.

Note: Keep in mind that this admission boost is lower than early decision (ED I > ED II > EA). 

Don’t know which is the better option for you?

Ask yourself:

1. “Do I have the financial means to pay for tuition with minimal aid?”
2. “Have I done enough research beforehand?” 
3. “Am I certain this is the school I want to attend?”
4. “Does this institution meet my academic and career goals?”
5. “Have I spoken to all involved parties (i.e., parents, counselors)?”
6. “Do I have enough time to prepare my application and supplementary materials?”
7. “Are my grades and test scores where I want them to be?”

If you answered “No” to any of the questions then applying ED might not be the best decision for you at the moment. Either satisfy the missing criteria or consider applying for EA or regular admission instead.