What exactly does early admission mean, and how do you know if it's right for you? Before you can answer that, you need to understand the different ways that colleges admit students.

Most students apply to college under regular admission. Deadlines can be anywhere from December to February, and you'll know if you're accepted by April. You're under no obligation to attend a school that accepts you, so you can shop around a bit. This option might work for you if you're not totally sure where you want to go to college, or if you need a bit of extra time to polish your applications.

On the other hand, early admission applications are due in November, and most schools will let you know their decision by mid-December.

"The two main pros of applying to an early program are that you have a slightly better chance of being accepted at many schools, as well as that you find out earlier in your senior year, and therefore, may be finished with the process and know where you are going to attend earlier," says educational consultant Brittany Maschal.

Early admission programs can be early decision, early action, or restrictive/single-choice early action. There are some key distinctions between them.

Early decision: You can only apply to one school under early decision. Early decision (ED) is binding -- if you're accepted, you must enroll there. You can still apply to other schools under regular admission, but you'll have to withdraw any applications to other schools once you're accepted.

ED can be an option for those students who have done all their research and are 100 percent positive they want to attend that school. It can slightly improve your chances for admission at a highly selective college. But there is a downside.

"The main con is that you are unable to review, compare and negotiate financial aid awards between schools if you apply to an early binding program," says Maschal.

Early action: If you are accepted under an early action plan, you are not obligated to attend that school. You can still apply to other colleges. Because early action is non-binding, it offers more flexibility. Even if you are accepted under early action, you still have until May 1st to respond. That allows you to compare offers and negotiate financial aid packages.

If you're fairly sure where you want to go, and you can put together a solid application by November, early action might be a good option for you.

Restrictive/single-choice early action: This one is also non-binding, but there are rules about what other schools you can apply to.

Harvard, Princeton, Stanford, and Yale all have single-choice early action policies. That means you can't apply for early admission anywhere but that one school. You can still apply to other schools under regular admission, though.

Georgetown, Notre Dame, and Boston College all have restrictive early action policies. They allow you to apply to other schools under early action, just not under early decision.

"This is not the same policy as Harvard, Princeton, Stanford, and Yale," says Maschal. "It is best to carefully read the policy of each school you are considering."

Research is key. Make sure you understand all your options before making a decision. And talk to your parents and your school counselor - they can help steer you down the right path.