I found that there are 2 deadlines- Nov and Jan. However the only difference I see is that you get your decision faster.
The app seems pretty easy, so I can finish by November.
However, is there any other benefits to applying early?
It appears that unless you are applying for the Freshman Guarantee Nursing program, the only difference is when you receive your decision.
If I apply January instead of November, will I still get equal consideration for admission, Honors, and scholarships?
Or do early applicants get more consideration?
I think I can get in, but I care more about scholarships.
Earlier is best when it comes to scholarships - just to make sure of fund availability. They send out the first batch of scholarship notifications in Nov. but also continues throughout winter and into spring. Honors notification begins around third week of October (based on prior years).
Don’t you also run the risk of the more popular majors filling up the longer you wait to apply?
No. You are admitted by college not by major.
Scholarships and Honors = apply for November deadline.
^^Actually, that’s not quite how I read the instructions this year (which, I admit, have changed somewhat from prior years so not sure if I’ve missed something).
"Application
Wednesday, November 1, 2017
Freshman application first deadline. Students who apply by November 1 will receive full consideration for admission, University Honors Program, and scholarships. Admission decisions will be provided by the end of January and Honors and scholarships decisions will be provided by the end of March.
Note: Minnesota does not offer early action or early decision. The deadline for admitted students to confirm their enrollment is May 1.
November 1 is also the deadline for the Freshman Nursing Guarantee Program supplemental application.
Monday, January 1, 2018
Freshman application second deadline. Students who apply by January 1 will receive full consideration for admission, University Honors Program, and scholarships. Admission decisions will be provided by the end of March."
https://admissions.tc.umn.edu/freshman/deadlines.html
One big reason to apply by Nov. 1, however, is the housing queue. In prior years, the housing application opened up early-mid November. You don’t have to have an admission decision to apply but I believe you DO have to have a UMN ID # which is generated via your college application. The cost is $25.00 (non-refundable) but if UMN is high on your list, this is a very worthwhile expense! You don’t have to specify any choices yet because it doesn’t close till May and you can take your time and change your mind about your priority anytime till then. The housing ap. merely determines your place in the queue - the higher your place, the more likely you are to get one of your top choices 
While all freshman who request housing by the deadline are guaranteed it, you really don’t want to be towards the bottom of the list (esp. with one super-block dorm down for repairs). There will be a flurry of activity when that application opens up - if your application is in before that time, you won’t have to wait till they process your application while reading CC posts describing high placements in the housing queue. 
Well, I revise my previous question to this then: Don’t you also run the risk of the more popular colleges filling up the longer you wait to apply?
@tonypa - no. They will honor both deadlines and if your application qualifies you for your first choice they will place you there even if you apply by Jan. 1. If it doesn’t and you apply by Nov. 1 - they will defer you and review again for a March decision. If you apply by Nov. 1 or Jan. 1 and your application doesn’t qualify you for first or 2nd choice, you will be waitlisted. Deferral or waitlist shouldn’t depend on timing as much as the quality of your application.
There will be plenty of kids applying to CSE by Jan. 1 who didn’t get into their first choice (like ED for NU or CMU) for engineering. Those kids, if their stats place them in the mid 50% range for CSE, will get in. Conversely, someone with a 28 ACT who applied in Sept. may be on hold. Such is the decision process. If they went by first-come-first served, CSE/CBS/CSOM would be filled up by Oct. 1.
Ok, so I am fine applying Jan I guess.
This is because my school said they will send transcripts by December.