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In the world of elite college admissions, “early decision” is often a golden ticket for the privileged – and a missed opportunity for everyone else. That’s why the system is now at the center of an antitrust lawsuit against 32 elite U.S. colleges and universities.

Early decision, or ED as it’s commonly known, allows students to apply to their first-choice college early, typically by Nov. 1, a couple of months ahead of regular deadlines. Colleges send out their early decisions by mid-December, several months before regular decisions are made. If a student gets in under early decision, they’re required to attend. (“Early decision” is distinct from “early action;” under the latter, applicants are informed early, but not bound to attend.)

One study found that applying ED raises the probability of acceptance by 40 percentage points – and admissions data shows many colleges dole out a high proportion of their acceptances to early applicants.

ED may sound like a system that rewards passion and focus. But by forcing families to make decisions without the benefit of comparing financial aid packages or leveraging scholarships from one school against others, ED favors wealthy applicants.

Filed in U.S. federal court in Massachusetts in August against a consortium of elite universities and college application platforms, the lawsuit argues that ED disadvantages low-income and middle-income students – while also driving up the net price for those who do commit to attend. Students can’t contest an ED financial aid offer, so if the package isn’t generous enough (typically the only reason one can turn down an ED offer), students are often at a significant disadvantage when they restart the college application process belatedly.

The complaint alleges that institutions engaged in a “horizontal agreement to reduce or eliminate competition” – meaning they teamed up to rig the system in their favor, limiting students’ choices and potentially compelling them to pay more than they otherwise would. The challenge frames ED as not only a threat to equity........

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