So I’m receiving contradictory information on this…
I was planning on applying to Swarthmore early decision, and when I spoke to my college counselor, he advised me to apply and said if I didn’t get the financial aid I needed, I could always rescind my decision. After conferring to my other advisor, he mentioned that if I was applying Early Decision, it didn’t matter if I got enough aid or not I would have to go regardless. How does this work? At the moment, my parents can pay at max $30,000 a year, so financials are quite important and will impact my decision on whether or not I can apply.
The truth is closer to what you were told by your first advisor/college counselor. But run the Swarthmore NPC to see what it tells you before making any decisions.
The school can release you from your ED contract if you don’t get enough aid. But you really have to show that you didn’t get enough aid. As an extreme example, if one of your parents is a partner at Goldman Sachs and you ask to be released from ED because you got no aid, I highly doubt they would release you.
I agree with @BelknapPoint , you need to sit with your parents and run the Swat’s NPC. You will receive FA based on what the college believes that your family can afford to pay, not the max your parents want to or feel that they can afford to pay. If you sit with your parents, run the NPC and see what the numbers look like.
If you find that Swat will cost more than the $30k your parents want to pay, save your $75 and find schools that fit the financial parameters that your parents have set for you.