Here’re a few reasons:
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ED disadvantages applicants and their families who couldn’t apply early for financial and/or other reasons.
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By locking up often more than 50% of the available spots, ED negatively and dramatically impacts the RD acceptance rates, which mean applicants have to apply to many more colleges with much higher anxiety and uncertainty.
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ED is anti-competitive, both financially and academically.
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ED college may not be a good fit for the student if s/he applies early in order to beat the early deadline and to have a better chance of admission without fully vetting the college.