Advice on deposits

[redsox93]

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So I'm very grateful to have the option to make these choices but I'm not exactly sure what to do. I got accepted to DMU and the deposit is due on 12/14. I recently got an interview at KCU for 12/6 so I'm assuming the earliest I would hear back is sometime in January. From their website it says you have 30 days to pay the deposit once accepted. Now the problem with that is my state MD schools would get back to me at the earliest on January 15th. From there they only send decisions every month. I'm worried that there is a chance I might have to pay 3 deposits for schools assuming everything works out. I don't exactly have 3000 dollars lying around and I'm not sir what to do.

 

[deleted480308]

I would pay the first deposit so I knew I had something in stone. Then cross the other bridges as you get to them

 

[WAnative]

That's tough, I was and am currently in a similar situation. The way I looked at it was how bad do I want to be a doctor? There is no gurantee from interview opportunities that you'll be accepted... So if you really don't want to take the chance on waiting another year to start med school not to mention paying another $ 3k for apps again, pay the initial deposit, take the financial hit now what's $1-2k in the long run compared to 180k average debt.

If you end up getting in to your state MD then great, least you have a for sure seat that will make you an excellent Doctor (given the effort on your behalf of course )

 

[redsox93]

Thank you guys, I was leaning towards paying the first deposit so I at least had a guaranteed seat. It really is a drop in the bucket compared to everything.

 

[redsox93]

@Goro is it unheard of to ask for an extension on a deposit?

 

[Goro]

Totally outside my knowledge base!

Worst they'll do is say "no".

@Goro is it unheard of to ask for an extension on a deposit?

 

[icevyne25]

Make sure you pay that first acceptance because if you skip that and then don't receive an acceptance from those other schools, you'll be reapplying next cycle with a record of you turning down an acceptance. Pretty much a death sentence when it comes to application cycle. Schools will see you turned down an acceptance last year and won't waste their time with you the second go around.

 

[ortnakas]

I'd pay the DMU deposit. It's a good school. It is worth asking if you can get an extension or spread the payments out, especially if the deposit puts you in a financially tight spot. Like Goro said, the worst thing that happens is they say no.

 

[SurgDoc95]

There isn't a whole lot of a difference between KCU and DMU. You're better off paying for DMU and then playing it by ear from there. Whatever you decide you're going to receive a high quality education

 

[cabinbuilder]

Worse case you float the deposit on a credit card. Pay the card off when you get your student loan check in August.

 

[Promethean]

You are why the schools ask for such large, nonrefundable deposits. That isn't a bad thing. It is just the way things are.

DO schools know that lots of people have MD envy, and are holding out hope that they can get a seat elsewhere.

That's cool. Except it means that they maybe lost an opportunity to offer that acceptance to someone who actually wanted to go to a DO school, maybe that DO school. And while they may get to pick up someone from a waiting list, they actually accepted you, not the waiting list person. They wanted you. And you wanted them, you know, until someone else better came along.

Nobody likes to feel like second choice. So, big deposits are the way they say "Are you as committed to us as we are to you? Cause we are giving you something a lot of other people want."

On one hand, losing a deposit would be painful. On the other, it would be a lot cheaper than having to try a new cycle next year if one of your hopes doesn't pan out. So, claim the seat you've been offered at a good school that will let you study to be a physician, and if you do get more acceptances down the line... well, what a nice problem to have.

Where ever you end up, love the one you're with.

 

[redsox93]

You are why the schools ask for such large, nonrefundable deposits. That isn't a bad thing. It is just the way things are.

DO schools know that lots of people have MD envy, and are holding out hope that they can get a seat elsewhere.

That's cool. Except it means that they maybe lost an opportunity to offer that acceptance to someone who actually wanted to go to a DO school, maybe that DO school. And while they may get to pick up someone from a waiting list, they actually accepted you, not the waiting list person. They wanted you. And you wanted them, you know, until someone else better came along.

Nobody likes to feel like second choice. So, big deposits are the way they say "Are you as committed to us as we are to you? Cause we are giving you something a lot of other people want."

On one hand, losing a deposit would be painful. On the other, it would be a lot cheaper than having to try a new cycle next year if one of your hopes doesn't pan out. So, claim the seat you've been offered at a good school that will let you study to be a physician, and if you do get more acceptances down the line... well, what a nice problem to have.

Where ever you end up, love the one you're with.

Yeah I understand why they have to do it. But it's kinda hard to pass up on my state MD schools when tuition is half the price of DMU. As far as "actually wanting to go to a DO a school" I assure you I wouldn't have applied had I not wanted to go. It would just be nice to save ~100k if I get that option.

 

[SurgDoc95]

Yeah I understand why they have to do it. But it's kinda hard to pass up on my state MD schools when tuition is half the price of DMU. As far as "actually wanting to go to a DO a school" I assure you I wouldn't have applied had I not wanted to go. It would just be nice to save ~100k if I get that option.

Where is your state md if you don't mind me asking?

 

[Rekt]

So I'm very grateful to have the option to make these choices but I'm not exactly sure what to do. I got accepted to DMU and the deposit is due on 12/14. I recently got an interview at KCU for 12/6 so I'm assuming the earliest I would hear back is sometime in January. From their website it says you have 30 days to pay the deposit once accepted. Now the problem with that is my state MD schools would get back to me at the earliest on January 15th. From there they only send decisions every month. I'm worried that there is a chance I might have to pay 3 deposits for schools assuming everything works out. I don't exactly have 3000 dollars lying around and I'm not sir what to do.

Even with your acceptance, you still have no seat until your deposit is paid. If the worst case scenario happens and you end up owing 3k, just do it. 3k is a drop in the bucket for your future (and luckily if you end up at the MD school too). This is coming from someone who was poor and solo financially who paid more than 1 deposit.

 

[redsox93]

Where is your state md if you don't mind me asking?

Nevada