According to Forbes and other articles, EDII is not legally binding. You signed a contract but it is basically a “gentleman’s agreement”/honor code agreement. You can talk to the admissions office if you are truly unhappy with your school, but you say it is your top choice so this is not relevant.
Applying to 40+ schools was not the wisest course in the first place! Too much work and too much money.
If you DO want to attend your EDII school, you absolutely must withdraw your other applications. Note in the article the possibility of schools sharing a list of applicants accepted via EDII as well as those who have not abided by the agreement and have declined, even if for financial reasons. Here is the content of the article
Can Students Get Out Of ED? (forbes.com)
Is ED Legally Binding?
If you do get accepted into a college you applied ED, you are bound by an honor code to attend. Remember, you, your parents and even your guidance counselor signed a contract that stated if you were accepted into the college, you would enroll. However, while you did sign an agreement, it is not legally binding, and there will be no legal ramifications if you do reject the offer. The college cannot force you to attend or hold you legally responsible for the tuition and fees associated with attending. If you do decide to reject the offer due to financial reasons, you won’t have to pay a deposit or owe the college any money. No ED “rules” or honor code is broken, and you are free to attend another college.
One of the main reasons students reject an ED offer is due to financial reasons. Perhaps you were expecting a more substantial scholarship, and it is just not financially viable to go to that college. In that case, let the university know that due to your economic situation, it will be a financial struggle to attend the college. Your parent or guardian does not need to show any proof or documentation of financial need. However, if you can demonstrate financial need, there is a higher chance the college would increase your offer of financial assistance to make it viable to attend. Remember, the college accepted you and wants you to enroll. Many students mistakenly think that they cannot negotiate their financial award; they are wrong.
How To Negotiate
If the college doesn’t offer you enough money, you can negotiate. The parents/guardians can explain in a letter that they need more financial aid to make attending possible. It is advisable to also set up a meeting with the college. The parents can demonstrate that they need a more significant financial package to make attendance possible. It is also a good idea to go into the meeting already know how much money is required.
The college can choose to reject, negotiate or accept the parents’ offer. It is now back up to the parents and students if they want to attend. Remember, if you do still choose to reject based on financial reasons, you aren’t breaking any ED “rules.” Also, if the college does not offer any additional financial aid, they will not withdraw your offer of acceptance. The worst that can happen is they say “no.” You are still accepted into the college and able to attend.
Breaking ED For Other Reasons
Backing out of the early decision offer varies depending on the college. Some colleges are much more lenient and accepting of other reasons, whereas others take it much more seriously. Rod Oto, the associate dean of admissions at Carleton College, said that if a student wants to withdraw from an ED offer, he will first try to follow up with them to discover why. Oto said he might call other colleges the student has applied to or the high college counselor. While it isn’t his intention to get every college to withdraw their offers of admittance, he does want to make sure the student knows that Carleton College is not happy. However, the bottom line is that an early decision offer is just a gentleman’s agreement, and the college can’t force you to do anything.
While it might seem far-fetched that colleges will communicate with each other, it is a real possibility. In 2016, Katharine Fretwell, dean of admission and financial aid at Amherst College, said that her college and about 30 other colleges, share lists of students admitted through early decision. She said that she is likely also to share names of students who were accepted during ED, but choose not to attend to due to financial aid or other reasons. Currently, the Justice Department is investigating this issue of colleges sharing information.