10+ Year Member
- Aug 2, 2013
- Reaction score
How many of you plan to put down multiple deposits so you can have a longer time to make a decision on which school to attend?
This scenario did not happen but if my top three DO choices would all have accepted me then I would have paid for two out of those three.How many of you plan to put down multiple deposits so you can have a longer time to make a decision on which school to attend?
Multiple deposits because of indecision? No. I hope no one is planning on doing this, at least, not at this point in the cycle. You have a minimum of 30 days at this point, that should be more than enough time to come to a decision. Not only is it a waste of money, (unless you plan to write-off that deposit as a donation to the school) but it puts another applicant's cycle in jeopardy.
That being said, if you are accepted to multiple schools late in the cycle (Spring or Early Summer) and have to put a deposit down within a week or immediately, I think it would be a different story...but even still, by that time you should have been able to come to a conclusion about where you want to go.
Alternatively, putting a deposit down for the #1 school you've been accepted to (but not the #1 school on your list), and waiting to hear from that top choice is a different story IMO. Still a potential tax write-off, but it's in the hopes that you will be able to matriculate at at school you would much prefer to spend 4 years at.
(I don't know if you can actually write-off deposits like that...the idea of doing that just came to me while I was writing this, but seems like it might be a viable option for applicants (or parents of applicants) who are foregoing that reasonably large sum of money. Might be something to look into if you do wind up placing multiple deposits.)
You can't write off the deposit for any tax break unless you do some "creative" accounting.