I’ve spoken with my parents and they have clarified much for me. There was just some miscommunication on their part about the affordability, which compounded my “buyer’s remorse” when I had to consider losing full-tuition at my state universities. My parents are frugal by nature and are not very forthcoming about finances, but were transparent about savings and income when I expressed my concerns. I came to CC looking for guidance that they weren’t able to provide; even though I tried to remain as anonymous as I could, I was able to take a lot from the advice offered on this thread. We can afford WashU, and I can graduate without significant debt. They have set aside savings for my little brother as well, and he will not be punished by my WashU attendance. I am still worried about paying for med school, but there are loan repayment and federal work programs that I can take advantage of if I decide to attend med school after graduation (not to mention financial aid). I am also considering taking a gap year either now or after graduating to work towards my own contribution. My parents assured me that they were proud of me for getting into a selective school (even with the admissions bump of ED) and I feel much better about the situation as a whole. I hope my situation will serve as a lesson to future applicants to not take ED lightly and make a thoroughly discussed decision. With that being said, I will be attending WashU in the fall (or the next). I am incredibly happy that I get to attend my dream school without plunging my family into financial burden. Thank you to everyone who contributed to this thread! If anyone have any further advice or comments, please do not hesitate to comment or message me.
Great advice - spend all savings for college and forfeit a state school providing full tuition to “try it out” at WashU for a year. Come on.
OP has provided enough details and made it very clear what the circumstances are. Very solid advice was given by a few posters way back on this thread. Those of you here to just jump on the OP, to what end? It is evident that she (gasp!) made a mistake, her parents probably don’t have a firm grasp on the process and they are all concerned about the cost.
If OP is still reading this and is trying to get out of WashU ED in order to see if he/she could get into a higher ranking school…Justice Department is doing an investigation on ED schools.
I would just assume most private top tier schools know each others’ ED admits. As long as OP is taking a full merit from a state school, he should be fine.
@chobani2023 - I have been following this thread without commenting. I am glad it all worked out for you. I commend you for thoroughly examining your options when confronted with what you thought might have been a significant financial burden . Best of luck to you at Wash U!
OP has already clarified her position now. She is able to attend with no significant debt. Her hesitation was over not having enough left over for med school which would not have been a valid reason to back out of ED. She is making the right choice. Best of luck to you!
@collegemom9 Backing out because he/she decided they need to save the money for med school, well they should have thought of that earlier. My kid and spouse have 400,000 in med school debt. They knew that before they went to their expensive med school instead of a cheaper option. The OP went into their ED binding agreement. As so of you legal people have said, may not be legally binding but it is ethically. You took advantage of the ED perks, and they should abide by them now.
Glad the OP has worked it out. I still feel that applying ED II is for different reasons than ED I, and IMO may indicate a somewhat better understanding of the process and the commitment they are making.
I can really see both sides of this. The op is concerned not only about graduate /medical school but potentially his sibling that also needs to go to college soon. I and my wife had about $350,000 after undergraduate and medical school combined 31 years ago. We eventually bought a house and used the equity to pay back all our loans. I have two kids in college OOS (our instate was not necessarily the cheaper /better option). All I can tell you is that is sucks paying for 2 kids in college. We had about the same as this OP has in 529 accounts with the idea we will pay the rest and the kids will take out some loans. Again it is not easy regardless who you are or what you do to pay this much money in college.
The OP for “whatever” reason decided they can’t afford it. So they should become bankrupt to honor a pledge? Run the numbers. It’s a huge amount of money for two kids in college regardless where they go to school these days.
Again, I absolutely see both sides to this and understand everyone’s frustration.
Is there even a reason why like every college in the country is like $50-60,000?
There are always other families that this type of money is a kick in the bucket and would not affect them at all. But only having those people apply isn’t right either.
In thinking about a re-vamped ED system, which is really what is needed IMO -
I think all students should be allowed to designate one FIRST CHOICE school that they can apply early to.
The schools benefit from higher yield amongst the first choicers; the students benefit from higher acceptance rate for first choice.
The financial part of ED is just really annoying and unfair.
@sunnyschool. Isn’t that the single choice Early Action… That I really don’t understand fully and so glad my kids are both in college now. 
@CottonTales Not sure why you tagged me. This is what I’ve said over and over on this thread. OP’s concern about med school is NOT a valid reason to back out. I’ve made no mention of “legal” contracts.
@Knowsstuff OP had already come back to clarify that she can afford ED with out debt and is moving forward with her acceptance.
ED is a great opportunity for wealthy or poor but it isn’t a practical option for upper middle class. Expensive colleges ruthlessly rob this demographic. However, both applicant and parents are required to sign their consent and no one can force their hand. ED gives colleges and applicants unfair advantage. Everyone can’t apply ED, we are a no aid family and knew that we shouldn’t use ED card, our kid has to sacrifice this chance and wait for RD packages to see what we can comfortably afford.
College costs are outrageous and should be regulated to make it sensibly affordable for all. Even financial aid system needs to be evaluated more closely.
That being said, nobody knows about graduate or medical programs. You have a great opportunity for a great undergrad education and you should utilise if you can. Free ride at local college may be a great choice for some but not necessarily for a high achiever from a financially sound family.
MODERATOR’S NOTE: I think everything that could be said has already been posted, so I am closing this thread.