ED1 vs ED2?

I just found out that for some colleges, they would do ED1 and ED2. I saw that the deadline of the ED2 is January 1st. How is ED2 different from applying regular since their deadline is the same. Also, does ed2 require the gpa for the first semester of senior grade? Would I have more chance if I apply early?

ED2 is still binding, just like early decision 1, it just means you can apply later. You also get your admissions decision back sometime in February, usually.

This is sometimes used if students aren’t ready to apply to their top choice college in November (want more grades to be in, etc.) or if they get rejected ED at their #1 and want to apply ED to their #2.