General Admissions & OTCAS How binding is a deposit?

[sometimesimfunny]

I may have to put down a deposit at one school while i wait for my first choice school to get back to me. Does anyone have experience doing this? I realize I will lose out on the deposit money if i choose not to attend but i am not obligated to pay the full tuition am I? If i am accepted to my first choice, how do i let the school where i put the deposit down that i will not be attending? Any help is appreciated. Thank you !

---

Members don't see this ad.

 

[shilly1002]

I may have to put down a deposit at one school while i wait for my first choice school to get back to me. Does anyone have experience doing this? I realize I will lose out on the deposit money if i choose not to attend but i am not obligated to pay the full tuition am I? If i am accepted to my first choice, how do i let the school where i put the deposit down that i will not be attending? Any help is appreciated. Thank you !

As far as I know, it's not binding. I paid 2 deposits for schools to hold my spot while I wait for others to make a decision. I would call the admissions office once you make a decision and let them know you are not attending so they can give your spot to someone else.

 

[FINGERS_CROSSED]

I think schools actually like when prospective students put down deposits and then withdraw their acceptance. More money in their pocket. I put down a hefty deposit (on the last day) for one school while I waited for other schools to get back to me. Think of it as an insurance policy. For me, that hefty deposit helped me feel at ease while I waited for other schools. And it paid off. I will be attending a school that is way less expensive. That deposit doesn't come close to the tuition difference between the schools.

If you decide to withdraw your acceptance, I would email the appropriate person at the school and simply tell them you will be not be attending their school. They don't need to know the details. Plus, you will make another prospective student thrilled because they will get a spot.

Good luck!

 

[sometimesimfunny]

I think schools actually like when prospective students put down deposits and then withdraw their acceptance. More money in their pocket. I put down a hefty deposit (on the last day) for one school while I waited for other schools to get back to me. Think of it as an insurance policy. For me, that hefty deposit helped me feel at ease while I waited for other schools. And it paid off. I will be attending a school that is way less expensive. That deposit doesn't come close to the tuition difference between the schools.

If you decide to withdraw your acceptance, I would email the appropriate person at the school and simply tell them you will be not be attending their school. They don't need to know the details. Plus, you will make another prospective student thrilled because they will get a spot.

Good luck!

Thank you both for the advice! I just was worried about being responsible for the full tuition if i accept (I know I am probably being just anxious as I have never heard of this but still). good to know other people have done the same thing

 

[PNW_OT]

I may have to put down a deposit at one school while i wait for my first choice school to get back to me. Does anyone have experience doing this? I realize I will lose out on the deposit money if i choose not to attend but i am not obligated to pay the full tuition am I? If i am accepted to my first choice, how do i let the school where i put the deposit down that i will not be attending? Any help is appreciated. Thank you !

I put down my $500 deposit at a school and signed an acceptance in Arizona while I waited on a school at home in Washington. After 3 months of having held my seat at Arizona, I was accepted to the school in Washington. I just emailed the OT department at Arizona and me let them know it was an honor and pleasure to have met the faculty and to be accepted, but I have decided to withdraw my seat. And that's it!