If your financial aid package is not doable, yes, you are released from your ED contract. You can also request a review of the package and give the office additional information if you have it. If your parents pay levels have gone down significantly, or a parent lost a job, all of these things can be discussed. Usually, schools want to make it work with ED accepted students and the Financial Aid office is not as crazy busy st that time, so they might be able to work with you a bit more readily. If it’s still not doable, it’s still not a waste because you have been given an early warning about how like schools’ aid packages may be. You can change some of your RD choices if so warranted.