With over 500 colleges and universities offering early action (EA) and early decision (ED) programs, it’s important to understand the basics.

The major difference between EA and ED is that ED is binding. That means that if you apply ED to a college and you’re accepted, you are committed to going to that school. EA, on the other hand, isn’t binding. Even if you’re accepted to that college, you’re not obligated to go.

Applying early is most beneficial for students who have a top-choice school. By applying early, you’re essentially expressing sincere interest in becoming a student at that college or university. The other perk of applying early is that you find out college decisions sooner.

“You should apply early so that you can have the best opportunities to get into the schools that you really want,” said Kim Dulaney, a professor at Chicago State University. “It will allow you to have the maximum amount of time to make it happen if you’re accepted. It also gives you the chance to pursue multiple financial aid scholarships.”

Students who are considering the early application route should talk with the regional admissions counselor for their top school. When you apply, this is typically the person who will go to the head of the admissions board and explain why you would be a good candidate for the school. Meeting with these professionals not only shows your commitment level, but also your determination.

One drawback of applying early is that some schools won’t reveal your financial aid status until after you’ve accepted or declined the offer. These schools might send you information regarding financial aid they’ve previously offered, and how that may apply to you. However, more and more schools are getting on board about offering students an accurate estimate of the financial aid package they would receive should they be accepted.

Early admissions is a personal decision, one that any student can make with the right information. Although it’s not for everyone, it can work for students who are ready to commit to their dream schools.

Quick rundown

EARLY ACTION (EA): A non-binding application program. Students typically apply in November and hear back from the college in December. Accepted students aren’t required to commit to that school, but must make a decision by the mandatory college deadline day, May 1.

EARLY DECISION (ED): A binding application program. Just like EA, students apply in November and hear back in December. Accepted students are obligated to attend that college.