Question about rent and wait lists

[alpinebrook]

Now, I'm no troll, just kind of clueless.

I could look this up / do my own research, but I'm interested in hearing personal stories on this type of situation...

You get into med school. You find an apartment, roommates, etc. Everything is lined up and ready to go. Then at the last minute, you get accepted off the WL at your top choice!

What are the logistics? I'm especially concerned about rent / leases.

Thanks!

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[flatearth22]

There are always stories of last minute acceptances off the waitlist. Like people getting accepted the day of orientation or whatever. Those are pretty rare though. The vast majority of waitlist movement is from mid-late May so you should have plenty of time to find a place to live. In case you are in this situation though, I figure you'd have to find a subtenent or just eat the money....

 

[LizzyM]

On the other hand, you've signed a lease and have a financial obligation at the first place. You could end up owing a year's rent to get out of the lease. Or you leave your roommates holding the bag and responsible for your share of the rent if they don't find someone to take your place.

I know of a guy who gave up a high ranked school that pulled him from the waitlist because he'd just signed a lease at the school he'd been accepted to.

 

[Aerus]

I might get flaming for this, but you can think of it like this: If they accepted you that late in the game, they probably don't want you that badly. It's just, someone might have flaked and they're using you as a back-up. On the other hand, that medical school you're at wanted you enough to accept you off the bat/take you off their waitlist earlier.

In the end, I wouldn't go there, since you're putting your roommate in trouble and yourself, because of a lease. Plus, moving again is just plain inconvenient.

All the med schools are good. I don't think you will regret your decision.

 

[Long Way to Go]

I think if this happened to me I'd pay the lease off and move on. What's another $15k or so in loans?

A new car?

 

[coughsyrup]

it depends on the terms of the lease. In all the apartments I have rented from, they will just keep your deposit (usually 1-2 months rent).

 

[1289]

signing a lease seems like a final decision on that school to me, if you're really worried this is going to happen dont sign a lease until the absolute last second. or you could ask the landlord what the ramifications are of dropping out of the lease/if it's even possible.

 

[phltz]

signing a lease seems like a final decision on that school to me, if you're really worried this is going to happen dont sign a lease until the absolute last second. or you could ask the landlord what the ramifications are of dropping out of the lease/if it's even possible.

It doesn't have to be absolutely final. Even if there's no way to get out of the lease, I've heard of situations where paying rent for two apartments for the year saves money in the long run. If you've been accepted to an OOS/private school, and then come off the waitlist at your excellent state school (maybe you're from Michigan or California), the money you save in tuition may be more than the cost of an apartment you won't use for a year.

But yeah, if you're really hoping to come off a waitlist, try to delay signing a lease for as long as possible.

 

[Praefectus]

I think if this happened to me I'd pay the lease off and move on. What's another $15k or so in loans?

Another $15k in loans means another $30k in loans plus interest.

 

[werd]

there will usually be a clause in your lease about early termination and one about subleasing. typically the cost is a couple months rent if you terminate early, or you may be able to sublease the rest of your time without penalty. it all depends what your lease contract says.

 

[alpinebrook]

Thanks for your input, everyone!