<p>You can get out of the NU contract for financial reasons, but it is intended to be binding. I don’t know that they can go after you if you break it. However, you did sign an agreement, and it would seem pretty low to go back on it when you recognized it was binding at the time.</p>
<p>"From the National Association for Admission Counseling Statement of Principles and Good
Practices:</p>
<p>Early Decision (ED) is the application process in which students make a commitment to a first-choice institution where, if admitted, they definitely will enroll. While pursuing admission under an Early Decision plan, students may apply to other institutions, but may have only one Early Decision application pending at any time. Should a student who applies for financial aid not be offered an award that makes attendance possible, the student may decline the offer of admission and be released from the Early Decision commitment.</p>
<p>The institution must notify the applicant of the decision within a reasonable and clearly stated period of time after the early decision deadline.</p>
<p>Usually, a nonrefundable deposit must be made well in advance of May 1. The institution will respond to an application for financial aid at or near the time of an offer of admission. Institutions with Early Decision plans may restrict students from applying to other early plans. Institutions will clearly articulate their specific policies in their Early Decision agreement.</p>
<p><em>Check Box</em> Yes, I have read and understand my rights and responsibilities under the Early Decision process. I wish to be considered as an Early Decision candidate at:</p>
<p>Northwestern University</p>
<p>I also understand that with an Early Decision offer of admission, this institution may share my name and my Early Agreement with other institutions."</p>
<p>I agree, there’s nothing legally binding about it, but on an ethical standpoint, I personally wouldn’t go back on it. I suppose you could get out of it via the deferred matriculation at Cambridge, and simply say you wanted that extra year. But if you want to go now, I would say NU offers you plenty of opportunities in all of the realms you’re wanting (noting that I’m going to be a Communications major, so I’m not an expert at their Economics program). So if you’re looking to go this year, it’s a great school that is expecting you to be there in September…sounds like a pretty good setup, to me.</p>