This month thousands of high school seniors will be submitting their college applications early. But what exactly does early mean? There are two types of early application deadlines: Early Decision (ED) and Early Action (EA). What is the difference between the two, and is there a benefit to submitting applications early in the first place?

Generally, it is a good idea to submit applications as early as possible. Students who apply early can put the stress of the application process behind them and move on with their senior year. Plus, the earlier students submit an application, the earlier they typically hear back from the college. And, finally, if applying to an institution with limited financial aid to distribute, submitting an early application may give students a better chance of securing a piece of that aid.

But beware. Early decisions (ED) are binding, and students admitted under the ED agreement must withdraw all other applications and accept the binding offer, regardless of what they receive in scholarships or financial aid. This should only be done with the student’s first-choice college if the family feels confident they can afford it. Applying ED can be an advantage at many elite institutions, which may take as much as 50 percent of their freshman class from the early deciders.

If a binding agreement is not right for your family, consider applying Early Action (EA). EA simply assures an earlier review and reply from the university. And if you missed the early deadlines altogether, don’t panic! The majority of students apply Regular Decision, and most of those deadlines are in December or later.