I suggest that the OP discuss finances with his parents before committing to a binding ED application. What parents think they can afford is often very different from what colleges think parents can afford. I believe that Rice is a wealthy university, with fairly deep pockets, but the OP and his parents should review the NPC beforehand. It is never desirable to apply ED then refuse the college. The college can’t do much against you, but it can hurt your high school in the future. Your counselor has to sign off on the application, and her credibility will be on the line.