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is the $2000 deposit refundable?

Discussion in 'Pre-Medical - DO' started by premedmijo, Nov 9, 2002.

  1. premedmijo

    premedmijo Senior Member
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    I'm just wondering, say you got into your second choice school, before your interview at your top choice school. Of course you wouldn't want to turn down any acceptances so you send your deposit to the school that accepted you. But say one month later you are accepted by your top choice? Are you just out 2000 bucks?
     
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  3. Dagny

    Dagny PGY-1
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    The acceptance to a school should come with a contract specifically explaining what the conditions of the deposit are. The deposits are in installments, so they are due at different dates. Usually the deposits (or a portion) are refunded if you notify the school before a certain date they designate. It depends on each school. I remember that Touro had one of the quickest deadline deposit with a large amount of money: $2000, nonrefundable, due in two weeks from the date of acceptance.

    The deposits also depend on when you interview/get accepted. If you are accepted before December, Dec. 15 is something like a courtesy date by which time most schools require a decision. Not all schools follow this. Some decide you have a month from the notification of acceptance to made a deposit or your acceptance is withdrawn.

    Good luck!
     
  4. Fenrezz

    Fenrezz AT Stills Worst Nightmare
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    From what I understand, once you pay the deposit, kiss that money goodbye. It's one of the incentives the schools put in so that people won't just hold a bunch of seats and make up their mind later.

    Although my school only made me pay $100.

    :clap: OSU :clap: OSU :clap:
     
  5. jhug

    jhug 1K Member
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    many schools will return a percent of the deposit-- i think azcom is 40% or something like that. To me, the greater the amount asked or the lower % returned showed a lack of confidence the school has in keeping you.
     
  6. sean

    sean Senior Member
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    That is ridiculous. Schools are compeletly justified in asking for large deposits. I benefits the school and the students who are really committed to attending that institution. A deposit is you agreeing to the terms offered to you and you are agreeing to accept a place at the university offering it to you. If when asked in your interview, "do you really want to come to this school and pursue osteopathic medicine?" your answer was anything other than yes, believe me you won't have to worry about any deposits. If your answer was "yes" then the school is merely taking you at your word. If you are not sure then don't pay the deposit, there are plenty of others that are sure. The high deposits are meant to stop people from accepting place "just in case they don't get in anywhere else." As far as I am concerned if you are offered a place, decide if it is the place for you and if it is not what you want, decline and move on. If you really want to hold a spot from someone else who is more sure than you are then you deserve to lose the whole deposit. I applaud schools that force people on the fence to make the hard decisions. $2,000 is a lot of money but it is a lot less than the $28,000 or so a year you will be paying and it is applied to your first year's tuition.
     

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