re: confused about deposit?

[ganesha123]

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Hey guys,

i have been recently accepted to medical school and the school is asking for a monetary deposit. Do I have to pay this within the two week time frame they give me, and is this refundable, or lost, if I do not matriculate.

Thank you,

 

[strongboy2005]

Hey guys,

i have been recently accepted to medical school and the school is asking for a monetary deposit. Do I have to pay this within the two week time frame they give me, and is this refundable, or lost, if I do not matriculate.

Thank you,

Yes, you need to pay in the two week time period.

From what I understand, the deposit is almost always refundable if you withdraw within a certain time period.

 

[Vihsadas]

Yes, you need to pay in the two week time period.

From what I understand, the deposit is almost always refundable if you withdraw within a certain time period.

I believe the date is May 15th, and I further believe that the AAMC mandates that deposits have to be returned as long as you withdraw before that date. (right?)

 

[Mobius1985]

I believe the date is May 15th, and I further believe that the AAMC mandates that deposits have to be returned as long as you withdraw before that date. (right?)

That is correct for AMCAS schools. After May 15, you can hold only one acceptance, but can stay on waitlists. If another more-preferred school accepts you off their waitlist, you can drop the previous acceptance, but you will not get the deposit back.

OP, definitely get your deposit in before the deadline the school sets, or they'll assume you are not interested.

 

[ar2388]

yeah i just had to write 2 checks... i assume they will actually deposit them, take my money and then will give it back in may or whenever?

 

[chad5871]

yeah i just had to write 2 checks... i assume they will actually deposit them, take my money and then will give it back in may or whenever?

Yes, that is correct.

 

[Mobius1985]

i assume they will actually deposit them, take my money and then will give it back in may or whenever?

You won't get your personal checks back, so you need to have enough funds in your account for when they cash them.

 

[ar2388]

You won't get your personal checks back, so you need to have enough funds in your account for when they cash them.

so what will we get back?

 

[Mobius1985]

The school will cut a check for the same amount of money, to be drawn from their account when you cash it.

 

[alwaysaangel]

Read the letter really carefully and if you're still not clear then call the school.

It should explain what you need to send.
Some don't require a deposit at all (UCI).
Some don't require a deposit until May 15th.
Some require a small deposit that is non-refundable now and a larger part that is non-refundable by May 15th (or a similar date) (GWU).
Some require a small deposit that is refundable now and a larger part that is non-refundable later.

It really depends on the school - don't count on anything until you read the acceptance letter - it should tell you there.

 

[alwaysaangel]

yeah i just had to write 2 checks... i assume they will actually deposit them, take my money and then will give it back in may or whenever?

Careful, you may not get it back. Read the letter carefully a lot of the early deposits aren't refundable.

 

[pianola]

Yeah some a non-refundable. But some are, free, though 🙂 It all evens out.