Not true. The ED agreement is not legally binding in ANY way. The only thing colleges can do is talk to each other and blacklist you (which they're going to get sued for one kf these days, because it is definitly illegal).
I'm assuming that T5 LAC means something along the lines of Williams/Ahmerst. Their admissions committee are made up of very nice, and very understanding, people. If you get in touch with them and explain your situation to them, I would ne very surprised if they didnt
Try to increase your financial aid package
Underatand and release you from the agreement
Good luck dude! As great as top schools are, I think avoiding crazy amounts of debt/not putting that pressure on your family is probably the right call