Financial aid and early admissions at selective need-blind colleges

I study a college-admissions model with two need-blind colleges and heterogeneous students. In game in which can choose financial aid policy either binding, nonbinding, or no early admissions, unique equilibrium outcome exists. equilibrium, the more prestigious wealthier college is selective, has generous policy, offers nonbinding whereas other binding program. Compared to counterfactual only regular admissions are offered, make worse off, better students, aggregate, off.