Does Applying Early Decision For College Admission Damage Your Financial Aid?

The idea that students would be admitted under the early decision application process by professional admissions committees who spend a tremendous amount of time, money and energy on reviewing candidates for admission to an elite college, where applying early is most common and advantageous, only to have the financial aid people say, Gotcha!, and give them less aid than they would have under the regular admissions process is complete nonsense!