What to do about pricy nonrefundable deposits??

[uclaussr]

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So i really like one of the schools i got into, but the interviews i have coming up are at schools i like EVEN more. Problem is this school wants a $1000 non refundable deposit. And i know that if i get into either of the schools i have interviews coming up at i will rather go there. I am pretty low on money and the deposit is due in 3 weeks. What do i do??

 

[alwaysaangel]

So i really like one of the schools i got into, but the interviews i have coming up are at schools i like EVEN more. Problem is this school wants a $1000 non refundable deposit. And i know that if i get into either of the schools i have interviews coming up at i will rather go there. I am pretty low on money and the deposit is due in 3 weeks. What do i do??

DO school? Those are the only ones I've heard of with such high non-refundable deposits.

Unfortunately, you're going to pay it...because this may be your only acceptance and until you have another acceptance in hand you have to do everything necessary to keep this one.

You already spent thousands and thousands of dollars on the process, no sense in possibly losing all that work and money over another thousand.

I agree with you - its a lot of money, but there is no other choice.

If you really don't have the thousand dollars right now then you can try calling the school and seeing what they can do with credit cards/smaller monthly payments for you. But I wouldn't count on it - I would do what you can to come up with the money.

 

[uclaussr]

DO school? Those are the only ones I've heard of with such high non-refundable deposits.

Unfortunately, you're going to pay it...because this may be your only acceptance and until you have another acceptance in hand you have to do everything necessary to keep this one.

You already spent thousands and thousands of dollars on the process, no sense in possibly losing all that work and money over another thousand.

I agree with you - its a lot of money, but there is no other choice.

If you really don't have the thousand dollars right now then you can try calling the school and seeing what they can do with credit cards/smaller monthly payments for you. But I wouldn't count on it - I would do what you can to come up with the money.

I already have another acceptance and have a Refundable deposit paid at that other school. So this school is not my only option. I do like it more than the school where my deposit is already paid, but not as much as the schools where i have interviews coming up :/. Uhhh i know this is a great problem to have, i just wish it wasn't so expensive. A $1000 is seriously what i make in 3 months. 🙁

 

[Silverman780]

I already have another acceptance and have a Refundable deposit paid at that other school. So this school is not my only option. I do like it more than the school where my deposit is already paid, but not as much as the schools where i have interviews coming up :/. Uhhh i know this is a great problem to have, i just wish it wasn't so expensive. A $1000 is seriously what i make in 3 months. 🙁

The squeaky wheel gets the grease. I would call the Admissions office and explain the deposit is too high until your student loans are processed and ask if they could somehow lower it down to $500. The worst they can do is say no.

 

[Isoprop]

Get a refund on the first school to pay for the deposit for the second school.

Or just gamble that you will get into the third school.

If you're interviewing this late in the game, the chances of a straight acceptance is a low but not impossible depending on your app. You are likely going to get waitlisted.

If it were me, I would pass on the second school and gamble for an acceptance. 😎

 

[235009]

the advice really depends on which schools we're talking about for 3 reasons:
1. MD/DO distinction - are the refundable and non-refundable deposits both at DO schools? How much is the refundable deposit? Do you want to go to the latter school more than the former?
2. Where are upcoming interviews at? Interviews this late in the cycle are less likely to result in acceptances, however this depends on which schools we're talking about and in general this isn't as true at less popular MD schools and most DO schools where there is a lot of waitlist movement and withdrawn acceptances.

 

[235009]

The squeaky wheel gets the grease. I would call the Admissions office and explain the deposit is too high until your student loans are processed and ask if they could somehow lower it down to $500. The worst they can do is say no.

this would be a very strange thing to do and will likely not be received positively.

you can however ask for an extension of the deadline...I've heard of DO schools granting this

 

[uclaussr]

all very good points, everybody. thank you~

 

[Potatoman1800]

$1000+ non refundable deposits are unreasonably absurd.

 

[WingedOx]

$1000+ non refundable deposits are unreasonably absurd.

agreed. I assumed (probably incorrectly) that the AAMC was against such thing until the 15th of may.

/which schools are you talking about?

 

[startswithb]

agreed. I assumed (probably incorrectly) that the AAMC was against such thing until the 15th of may.

/which schools are you talking about?

Pretty sure it's a DO school thing.

 

[Potatoman1800]

agreed. I assumed (probably incorrectly) that the AAMC was against such thing until the 15th of may.

/which schools are you talking about?

Its usually the DO programs. There's an MSAR-esque file online that is specific for the DO schools. I flipped through it and was really disappointed with the lack of refundable deposits at many of the institutions. AAMC rules don't apply to them (I think).

But hey, at least you can claim a spot at a med school

 

[gravitywave]

Its usually the DO programs. There's an MSAR-esque file online that is specific for the DO schools. I flipped through it and was really disappointed with the lack of refundable deposits many of the institutions. AAMC rules don't apply to them (I think).

But hey, at least you can claim a spot at a med school

AAMC have nothing to do with the DO schools. it's true that AAMC strongly encourages US MD schools to have refundable seat deposits that are <$100, the DO schools have no such issue and so can set their deposits accordingly.

someone on here was talking about paying a nonrefundable deposit at OSU and frankly, that's lame.

 

[Brachyury]

AAMC have nothing to do with the DO schools. it's true that AAMC strongly encourages US MD schools to have refundable seat deposits that are <$100, the DO schools have no such issue and so can set their deposits accordingly.

someone on here was talking about paying a nonrefundable deposit at OSU and frankly, that's lame.

Their website says the deposit is $25 and that it is refundable

 

[circulus vitios]

Put it on your credit card and do a charge reversal.

 

[WingedOx]

Its usually the DO programs. There's an MSAR-esque file online that is specific for the DO schools. I flipped through it and was really disappointed with the lack of refundable deposits many of the institutions. AAMC rules don't apply to them (I think).

But hey, at least you can claim a spot at a med school

gah, I should have read the whole thread before posting.

but yeah, while DO bashing can get rather tiring, it's behavior like this that makes questioning of the quality of DO schools somewhat justifiable. 👎

 

[aspiringOSTEO]

1

 

[eagles22]

Great, you cannot honestly believe there is a correlation between non-refundable deposits and the quality of medical education. I paid a $1000 non-refundable deposit and it was applied to my tuition, so how exactly is a school benefitting from that or providing a less than adequate medical education?

Because that school is bound to have a people not enroll who pay the deposit. It doesn't cost the school 1000 wing-wangs to hold a spot. It's plain extortion. I've seen it happen with friends in other professional schools and it's usually at schools that expect a large volume of students to hold a safety spot then drop the spot and go somewhere else. The school keeps the grand and uses it for whatever it wants.

 

[alwaysaangel]

I've seen it happen with friends in other professional schools and it's usually at schools that expect a large volume of students to hold a safety spot then drop the spot and go somewhere else. The school keeps the grand and uses it for whatever it wants.

I think thats fair. You're exactly right - its places that know they are likely safety schools and they are trying to discourage that behavior. I think its fair that they don't want 8 million tons of waitlist movement at the end when a bunch of selfish students finally decide to let them know they aren't coming.

Yes, it sucks. But I can see why some DO schools do it. They don't want to just be some MD applicants back-up. They feel they deserve better than that and try to discourage it.

 

[WingedOx]

Great, you cannot honestly believe there is a correlation between non-refundable deposits and the quality of medical education. I paid a $1000 non-refundable deposit and it was applied to my tuition, so how exactly is a school benefitting from that or providing a less than adequate medical education? I for one think all schools should have high deposits so that students cannot hold seats at multiple institutions until the very last minute and causing more medical student hopefuls from being put on a wait list making the process that much more miserable for them. It's more about what they do with that
deposit, and thus you cannot group all DO schools into that category. In my eyes that is another $1000 that will not be accruing interest for the next several years.

Quality = professionalism + other attributes of administrative behavior. (not quality of education) Waitlist movement happens. It's the price an institution pays for being second tier. Until, all schools give out FinAid, then forcing a student to make a decision is downright unprofessional.

 

[eagles22]

I think thats fair. You're exactly right - its places that know they are likely safety schools and they are trying to discourage that behavior. I think its fair that they don't want 8 million tons of waitlist movement at the end when a bunch of selfish students finally decide to let them know they aren't coming.

Yes, it sucks. But I can see why some DO schools do it. They don't want to just be some MD applicants back-up. They feel they deserve better than that and try to discourage it.

I don't think med schools really care about people holding spots too long and do this as a deterrent. It's not like there's a shortage of applicants and if students are kept waiting to long they won't enroll. In a perfect world, it would be nice to have all movement happen sooner or later, but when you're a strong enough applicant to have earned multiple acceptances, it's your privilege to make a decision late in the game.