George Washington is definitely my #1 choice and there’s no doubt that I’d want to apply early decision, but I have some concerns.
If I were to get in, would I IMMEDIATELY have to rescind my other applications? What happens if I can’t pay for the school? I’m worried that if I get in and end up not attending because of financial issues I’ll be screwed over for college because I rescinded all of my applications. Other than this, I have no reason not to want to apply Early Decision.
Well, if you haven’t read it already, here’s a helpful article relevant to your situation: http://www.usnews.com/education/best-colleges/paying-for-college/articles/2014/10/06/4-financial-aid-facts-students-should-know-before-applying-early-decision
Basically, it comes down to how much aid you and your family thinks you need to make GW affordable. If it’s not that much, and your stats are competitive, go ED. However, if you’ll need a lot of aid to make GW affordable, applying ED is not for you, as you’ll most likely have to compare financial aid awards from multiple schools to pick which are affordable (something you can’t do if you apply ED). So, to answer your question: yes, you’d have to rescind your other applications, at least before even hearing what you get in aid from them.
If this helps, last year, students were notified mid-December of whether or not they got in to GW. Look at the other schools’ application deadlines and see if you’re able to get in an application if things don’t pan-out with GW. If not, then I think you’ll be better off applying regular decision to GW if you require a lot of assistance.