Last year, I was in the same boat trying to figure out if I should go for early decision (ED) or early action (EA). My top school was a reach, and I was sweating bullets thinking about the financial aid package.
After talking to peers and my advisor, I realized that the acceptance boost with ED is tempting but comes with the huge risk of tying myself in financially. If I got accepted without sufficient aid, it could turn my dream school into a nightmare financially.
A friend of mine shared her strategy: she applied ED to schools she was confident she could afford, while opting for EA at her reach school. That way, she kept her options open. Might be worth considering how much you’re willing to risk!
In the end, it comes down to how much you trust the school's aid system and your financial situation. Don't rush into a decision; it’s a big deal!