The good news is NYIT has nice well documented policies on its website. And a $400 deposit is relatively low.
The bad news, clearly, is that NYIT issues tuition bills nearly 5 months before classes start, and NYIT sure makes it seem like those bills are due and payable upon receipt.
For comparison, at my big fat old USMD school, as recently as 2 years ago, we got tuition bills twice a year, around the start of classes, never looked at them, and waited for federal loan disbursements to happen when they happen. Loan disbursements at best came during the first week of school, sometimes more like the 4th week of school.
I imagine NYIT can get away with collections 5 months ahead of classes for students who are not eligible for US federal aid. You have no power to make the US Dept of Ed release loan money to NYIT on NYIT's terms.
I'm not going to go dig into the Dept of Ed regulations on federal lending, but I'd be astonished if federal loan money can be released to schools more than, say, 14 days before the start of classes. Fraud prevention and whatnot.
Two suggestions:
1. Find where the other NYIT incoming students and current OMS1's are talking about this. Such as in the pre-DO and DO subforums. Compare apples to apples - if you're borrowing federal, find the other people who are borrowing federal. If you're not, find somebody with the same situation (visa status, private lender, etc). Note that the typical premed has never made a major financial decision in their entire life, and the typical OMS1 is blindly trusting the system, so if possible find somebody older, like a career changing lawyer or banker or similar to explain things. IOW be careful whom you believe.
2. Call the financial aid office and innocently ask how it works. Do not (DO NOT) divulge that you're on waitlists. That is none of their business.
Best of luck to you.
