Can anyone explain how Caltech's Restrictive Early Action works?

I'm considering applying to Caltech and noticed they offer Restrictive Early Action. Does anyone know how that differs from regular Early Action or Early Decision, and what are the implications if I apply under that plan?

Caltech's Restrictive Early Action (REA) is a non-binding early application process, which means if you're accepted, you are not obligated to attend. The 'restrictive' part comes into play because if you apply REA to Caltech, you cannot apply early (either Early Decision or Early Action) to any other private institution. However, you are still free to apply early to public universities or international institutions and to submit Regular Decision applications to other schools.

One major implication of applying REA is that it demonstrates a strong interest in Caltech, as you are choosing their program over an early commitment to other private colleges. This can be an advantage, but be aware that REA applicants are often a highly competitive pool. If accepted, you have until the regular decision deadline to compare offers. If not accepted in the REA round, your application may be deferred to the Regular Decision pool for another review. Caltech is known for its rigorous selection process, so it's critical to ensure your application is as strong as possible if you decide to apply REA. Also, remember that applying REA does not increase your chances of being awarded financial aid, as Caltech practices need-blind admissions, where your financial need is not a factor in the admission decision.