<p>One advantage to not applying ED is that you can often negotiate your financial aid package if you have better terms from a comparable school. And there is nothing to stop you from indicating in your application that this is your first choice and, were it not for the financial aid consideration, you would have applied ED.</p>
<p>That said, there is no reason not to call the Financial Aid office at the school you are thinking about EDing at to ask them what kind of package is typically offered to a student with your financial situation. Many of them are more than willing to talk.</p>