School Deposits

Started by HalfListic
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HalfListic

HalfListic

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10+ Year Member
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Is anyone familiar with the deposits needed to save a seat in their school?

It looks like most are over $1K...so my question is, what is the norm for people with multiple acceptances (if one's lucky enough to have that particular problem).

Is it normal to have to pay 2, 3 or 4 deposits? Id just like to be financially prepared of I need to be...
 
HalfListic said:
Is anyone familiar with the deposits needed to save a seat in their school?

It looks like most are over $1K...so my question is, what is the norm for people with multiple acceptances (if one's lucky enough to have that particular problem).

Is it normal to have to pay 2, 3 or 4 deposits? Id just like to be financially prepared of I need to be...
Click to expand...

LECOM deposit when I went was $1500, they gave me 2 weeks to come up with the money. I would hope that if you get multiple acceptances you would know which school you would prefer and then just put down the deposit for one. Would be a waste of money because putting down a deposit mean you have intention of going to that school. Also paying more than one deposit ties up a seat for a potential other student who many only get notified of availability at the last minute. Remember that depsits are non-refundable. Why would you blow and extra $5K for no reason?
 
I know that LECOM is $1500 and NSU-COM is $2000

The amount of time you have to reserve your seat is typically dependent on when you were accepted. I had one month for LECOM.

The normality of this matter is dependent on the applicant. I would hope that people can narrow their school list down after being accepted to multiple places. I don't see why someone would put multiple deposits down unless they were accepted to a school they were OK-with, but not their top-choice, and then later accepted to a school they ranked higher.
 
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Do most schools take credit card payments or do you have to mail a check?
 
Yeah, this is the scenario I'd be referring to. I get accepted to a school...let's say it's my 5th or 6th choice.

So I can eliminate the other schools below it with no problem.

But what if I haven't heard from my more preferred schools yet? Is this not a common occurance? Or do you Normally hear from all your schools in the same general time frame?
 
HalfListic said:
Yeah, this is the scenario I'd be referring to. I get accepted to a school...let's say it's my 5th or 6th choice.

So I can eliminate the other schools below it with no problem.

But what if I haven't heard from my more preferred schools yet? Is this not a common occurance? Or do you Normally hear from all your schools in the same general time frame?
Click to expand...


It is a very common occurrence, although most schools will give you quite a bit of leeway with the deposit deadline.

Don't count on hearing back from them at the same time. I started hearing from mine in October and didn't get the last response until June (when I had already scoped out apartments).
 
HalfListic said:
Yeah, this is the scenario I'd be referring to. I get accepted to a school...let's say it's my 5th or 6th choice.

So I can eliminate the other schools below it with no problem.

But what if I haven't heard from my more preferred schools yet? Is this not a common occurance? Or do you Normally hear from all your schools in the same general time frame?
Click to expand...

When you hear back from schools is obviously going to depend on when you interviewed.

munchymanRX said:
It is a very common occurrence, although most schools will give you quite a bit of leeway with the deposit deadline.

Don't count on hearing back from them at the same time. I started hearing from mine in October and didn't get the last response until June (when I had already scoped out apartments).
Click to expand...

👍 I was accepted early this year but still have a couple lines out. No bites yet and it's the middle of July.
 
Ok, thanks everyone...that gives me clearer picture of the every increasing fleecing of my bank account! 😉
 
Man, it would totally suck to have paid a deposit + signed a lease + moved in to an apartment near your #10 school and then get accepted at your #1. Once I commit (e.g find a place to live and stuff) to a school, I'm withdrawing all other applications just to save myself the grief.
 
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MedPR said:
Man, it would totally suck to have paid a deposit + signed a lease + moved in to an apartment near your #10 school and then get accepted at your #1. Once I commit (e.g find a place to live and stuff) to a school, I'm withdrawing all other applications just to save myself the grief.
Click to expand...

This might be a good strategy...I'll have to see if I can cut the cord if the need arises! Tough decision...
 
HalfListic said:
This might be a good strategy...I'll have to see if I can cut the cord if the need arises! Tough decision...
Click to expand...

It definitely is, but from a purely financial perspective I won't have a choice. Most places charge you a pretty hefty fee to buy out of a lease.
 
Bacchus said:
PCOM requires your first deposit by December 15 of $250. The second deposit is $2000 by April. It is one of the most humane deposits in the DO world. Other schools should go with this model.
Click to expand...

+1. I wonder if MD schools are similar.
 
Bacchus said:
PCOM requires your first deposit by December 15 of $250. The second deposit is $2000 by April. It is one of the most humane deposits in the DO world. Other schools should go with this model.
Click to expand...

This model sounds like a very good idea. Wish more schools would follow this instead of the ridiculous $1500-2000.
 
Bacchus said:
PCOM requires your first deposit by December 15 of $250. The second deposit is $2000 by April. It is one of the most humane deposits in the DO world. Other schools should go with this model.
Click to expand...

Amen to this...very reasonable!!
 
Both MD and DO schools have systems in place in order to discourage you from holding multiple acceptances. In the MD world, there's an online system that forces you to make a final choice by May, whereas DO institutions accomplish this by requiring large deposits.

Protip: they'll usually wait a while to cash the checks. Just sayin'
 
My deal was to put down a deposit on my first acceptance, then withdraw from the others except for my top choice.

It's kind of a bummer now, because I just got a call that I'm at the top of the waitlist for my top choice, but beyond the deposit I've already signed a lease and am planning to move to my other accepted school this coming weekend. At this point I should probably withdraw from my top choice as well, but that's definitely hard for me to do!
 
I have this horrible thought that Im going to be accepted to schools from low to high causing me to drop 1000's of dollars on wasted deposits.....but i would be happy with just one 🙂
 
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munchymanRX said:
Both MD and DO schools have systems in place in order to discourage you from holding multiple acceptances. In the MD world, there's an online system that forces you to make a final choice by May, whereas DO institutions accomplish this by requiring large deposits.

Protip: they'll usually wait a while to cash the checks. Just sayin'[/QUOTE]

:laugh:
Click to expand...
 
costales said:
State med schools in Texas, including TCOM, don't require a deposit. Baylor requires $300.
Click to expand...

$300 to attend one of the best medical schools in the country?

Dear Baylor,

I'll give you $2000 if you let me in.

Sincerely,

MedPR
 
HalfListic said:
Is anyone familiar with the deposits needed to save a seat in their school?

It looks like most are over $1K...so my question is, what is the norm for people with multiple acceptances (if one's lucky enough to have that particular problem).

Is it normal to have to pay 2, 3 or 4 deposits? Id just like to be financially prepared of I need to be...
Click to expand...

If you get the acceptances early enough, I believe a lot of schools will require the deposits by dec 15, giving you a few weeks to a few months to make a decision. After that, I believe the norm is just two weeks to make a decision. I'd say be ready to pay two deposits (so have 3k-4k at hand) in case you get into a school early on and then get into your top choice later on in the cycle.
 
also don't get ahead of yourself and start freaking before you have acceptances in hand. look at the deadlines. if you have 2 weeks to decide, you need to decide within that 2 weeks if school X is nice enough to attend. don't get caught up in the "yes, but not if I get accepted here and I thought the interview went well." Murphy's law says you will get burned. Also there were tons of threads last year saying stuff like "KCOM or KYCOM?" Then, everyone would say KCOM and withdraw the KYCOM acceptance, and come to find out, the person was on the waitlist at KCOM (or whatever school) and never got off and they were really bummed about their acceptance. That not only wastes everyone's time and annoys them, it gets you bummed about your acceptance which is just stupid.

also your number one might change after you attend the interview. It didn't for me, but it happens all the time. so watch the deadlines. If you have an acceptance you are excited about but the deadline is Dec. 15th and your #1 said they would have decisions by Dec. 31st, don't risk no matter how good you feel. In the end, it is pennies. Also, if you get accepted at one place, love it, and get accepted at another and hate it, withdraw as soon as you can. There is someone out there dying for that acceptance you don't care about.
 
HalfListic said:
Yeah, this is the scenario I'd be referring to. I get accepted to a school...let's say it's my 5th or 6th choice.

So I can eliminate the other schools below it with no problem.

But what if I haven't heard from my more preferred schools yet? Is this not a common occurance? Or do you Normally hear from all your schools in the same general time frame?
Click to expand...

No. What's a few extra thousand versus getting into the school that will get you the residency that gets you your dream career? Not to say, "it's just money," but in the long run...
 
doublefrick said:
No. What's a few extra thousand versus getting into the school that will get you the residency that gets you your dream career? Not to say, "it's just money," but in the long run...
Click to expand...

I have to agree with you...

I hope my favorite schools accept me quickly because Ill probably be throwing down deposits until I hear from them
 
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