What does the May 15th deadline actually mean?

[watchergub]

Can anyone clarify this deadline for me? Must I only be holding one acceptance by May 15th or risk losing my seat at all schools, as I've read elsewhere on SDN? Or must I only hold one acceptance or risk losing my deposit?

I'm not trying to be a jerk who's just holding multiple acceptances for the fun of it, but 2 schools still haven't gotten back to me about financial aid stuff. One of them just accepted me yesterday and so they haven't even begun putting my package together. When I called them to ask about it, I was told I would only lose my deposit if I didn't withdraw by the 15th. There was no mention of taking away my other acceptances or anything like that (which is what's scaring the crap out of me).

I just want to be able to make an informed decision and it's really hard to do that when schools are dragging their heels about potentially thousands and thousands of dollars of extra debt. Perhaps the stuff I read on here about schools getting angry and taking away your acceptances after the 15th is false? I'm hoping so, and I've yet to have had that repeated by 2 schools (haven't had time to call the rest yet).

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[Guero]

Can anyone clarify this deadline for me? Must I only be holding one acceptance by May 15th or risk losing my seat at all schools, as I've read elsewhere on SDN? Or must I only hold one acceptance or risk losing my deposit?

I'm not trying to be a jerk who's just holding multiple acceptances for the fun of it, but 2 schools still haven't gotten back to me about financial aid stuff. One of them just accepted me yesterday and so they haven't even begun putting my package together. When I called them to ask about it, I was told I would only lose my deposit if I didn't withdraw by the 15th. There was no mention of taking away my other acceptances or anything like that (which is what's scaring the crap out of me).

I just want to be able to make an informed decision and it's really hard to do that when schools are dragging their heels about potentially thousands and thousands of dollars of extra debt. Perhaps the stuff I read on here about schools getting angry and taking away your acceptances after the 15th is false? I'm hoping so, and I've yet to have had that repeated by 2 schools (haven't had time to call the rest yet).

I know the feel. You're technically supposed to only hold one acceptance by May 15th, but can remain on as many waitlists as you wish until you receive a call offering you a seat. Some of us believe that some schools will indeed rescind an acceptance if you choose not to withdraw from others. Thus, I'd call your second school, explain the situation, and ask them if it's okay to hold two until you find out about financial aid.