High school seniors applying to college constantly hear a downpour of well-intentioned words of wisdom from adults. Among the most common is the necessity of applying early decision. Early decision is a binding process in which students apply to a specific school early and, if admitted, are bound to go. And for the most part, people follow this advice, with 58% of college applicants applying early (although some of this does not include binding processes).

For many selective schools, applying early offers a major advantage in chance of admission. Tulane University, for instance, has an early decision acceptance rate nearing 70%, while the regular acceptance rate often falls beneath 10%.

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