What does Early Decision really mean?

I'm only a junior, but I already have a list of colleges I'm interested in, and I heard about something called Early Decision. Can someone please define what Early Decision means, and the pros and cons of using it to apply to college? Thanks!

Early Decision (ED) is a binding application option offered by many colleges and universities, which allows students to apply to one college early (usually in November) and receive an admissions decision ahead of the regular decision timeline (typically in December). By applying ED, you're committing to enroll in that college if you're accepted and are typically required to withdraw your applications from other colleges.

Pros:

1. Higher acceptance rates: ED acceptance rates are often higher than regular decision rates, as colleges want to fill a part of their class with students who are enthusiastic about attending their institution.

2. Less stress: If you're accepted ED, the college application process is cut short, allowing you to focus on your senior year without the stress of waiting for decisions from multiple colleges.

3. Demonstrated interest: Applying ED signals to the college that it's your top choice, which can play a role in the admissions process.

Cons:

1. Binding commitment: If you're accepted ED, you're expected to attend unless there are specific circumstances, like insufficient financial aid or a change in your academic interests.

2. Limited options: By applying early, you'll limit the number of colleges you can apply to and compare financial aid offers from, which can impact your final decision concerning college fit and affordability.

3. Rushed applications: Applying early means you might not have as much time to work on polishing your application, and certain parts, such as recommendation letters, might need to be requested early in the school year.

Before deciding to apply ED, make sure you're confident in your top-choice college and have a clear understanding of the financial implications. If you're unsure, consider Early Action (EA), a non-binding alternative, which allows you to apply early but doesn't require you to attend if accepted.