Could this be considered a "coerced" contract?

My Middle School son was accepted to his Upper division in late January with a large scholarship. The school asked for prompt signatures on the contract, but we wanted to hear from four other schools and requested an extension into mid-March, which the school granted. Then we realized we could not afford to send our son unless we received more help, so we requested it. The school got back to us that they could provide more money, but only if we signed the contract within five days -- weeks before we heard from the other schools. If we didn't sign, THEY WOULD REVOKE ALL OF THE SCHOLARSHIP. At that point our son had not been accepted anywhere else. What if he was rejected by the other schools? He would have nowhere to go in the fall! So we signed the contract. But then our son was accepted at his first-choice school, with financial aid. Now his current school is trying to hold us to the contract we signed. Does this situation constitute coercion? Do we have legal recourse?