<p>I think the Credit Crisis has put this situation in flux. Two years ago, when student loans were plentiful and brokerage accounts full, an elite college could legitimately say “We don’t release applicants from ED unless there has been an extreme change in your family’s fiscal situation.” Today, many families have had extreme changes in their fiscal situations, and I think colleges would be foolish not to give applicants a “free pass” to withdraw their ED application. JMHO of course.</p>