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What to do about seat deposit?

Discussion in 'Pre-Pharmacy' started by kitsune248, Mar 2, 2010.

  1. kitsune248

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    I have had two interviews with schools. The one I took first was my top choice and I did it that way so I could hoepfully hear back from them first! However my second choice has just accepted me and told me I have 10 business days from the date of the letter (2/24) to send my deposit so (3/8).

    However the adcom from the other school won't meet till next week and the secretary didn't know what day of the week. The deposit is $750 and non-refunable. I don't have money to be throwing around so I'm at a loss for what to do?! Suggestions?
     
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  3. lllix

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    I dunno, I think you don't have much of a choice but to spend that 750 to hold your place. If your first choice doesn't accept you, you'll want to have something to fall back on. So unless you think you are guaranteed entrance, I'd be safe and hold your place.
     
  4. CK8652

    CK8652 PUDDING!!!
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    If you pay your seat, the worst that can happen is losing $750. If you pass up your seat, and don't get in to your first choice, you have a year to think about how $750 cost you your p1 year.

    No brainer.
     
  5. lola87

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    You can call and ask if they can offer an extension for the deposit. I was given an extension for one school.
     
  6. dreezy10

    dreezy10 Athletic Pharmacy Student
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    Like lola87 said, ask for an extension. dont be shy, I have asked 3 schools for an extension, each of them has given me 2 extra weeks, and one would have given me more. because I received extensions from each of these schools, I now only have to pay one school, the school I choose! so ask for one, and hope that you get into the other school in time :xf:
     
  7. 297point1

    297point1 Feels like a 5 right now.
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    I can't fault your logic here.

    However, this is EXACTLY why seat deposit fees are escalating.
     
    #6 297point1, Mar 2, 2010
    Last edited: Mar 2, 2010
  8. twinspharm

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    If your that worried about the 750, priority mail the check for 3/10. Hope your other acceptance letter comes quick, or a day or two later. If it does call your bank and cancel the check bc it may take a couple days for the college to deposit it.

    I'd just send the check in bc 750 is chump change compared to getting a year behind, and loosing one years salary as a pharmacist.
     
    #7 twinspharm, Mar 2, 2010
    Last edited: Mar 2, 2010
    CetiAlphaFive likes this.
  9. fiestychix03

    fiestychix03 Is it over yet?
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    I'm in the same predictament gurl! Still waiting for other schools but don't want to loose out, I might call them and see if I can get an extension also. :confused:
     
  10. kitsune248

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    thanks for the suggestions folks. Its not that I don't know what the right thing to do is. Obviously pay the money hands down. I just can't make $750 magically appear....twice none the least of the other school gets back to me. And I'd hate to take an advance or anything stupid of that nature!
     
  11. MrsAppleseed

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    Would you mind elaborating? I guess I don't understand why they're escalating. NOVA has a deposit of at or around $2000 which is preposterous, especially for a school that isn't the top of the totem pole. A friend of mine applied there around 12 years ago and it was $1000 then!
     
  12. busyizzy

    busyizzy lalala~
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    Let's say you get accepted into your least favorite school. While you're waiting for your top choices to get back to you, you need to either pay the deposit or forego your chances at this school - exactly the dilemmathe OP and others are facing. Let's say the deposit is $100. Then there's almost no question about paying the deposit to secure your spot while waiting for the other schools to get back to you. $100 is a pretty small amount (comparatively). However, when you up the fees to $750, 1000 or even 2000, then students are much less willing to put down the money and then chose not to go. It deters students from declining their acceptances.

    In fact, I think I find that newer or less popular/prestigious schools tend to have higher deposits than schools that are very competitive (from what I've seen). I guess the logic is most of the people who accept will probably end up going because it is such a good program, whereas if you have a not-so-good program, then much more people are using it as a "back-up" to their number once choices.
     
  13. 297point1

    297point1 Feels like a 5 right now.
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    SOPs use deposits to anticipate which accepted students are going to show up in the fall. When a student who places a deposit doesn't matriculate, the SOP has to scramble to fill that seat, otherwise they lose out on 3-4 years of tuition dollars. Every school has a budget they need to meet, and not every school has large waitlists, especially come August/September.

    By raising the seat deposit fee, SOPs are minimizing the risk that someone will pay the deposit and no-show come the fall.

    Look at the advice your fellow applicants have given here (asking for extensions, cancelling checks [!], etc.), and then tell me if a $2,000 deposit is fair or not. If you are going to NOVA, then the deposit represents a down payment on the first semester- money you will need to pay anyways.
     
  14. 297point1

    297point1 Feels like a 5 right now.
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    The differences in deposit really follows public vs. private school (private=more) instead of better school vs. weaker school, though there are certainly exceptions (Utah=$1,500; Mercer=$250).

    An otherwise excellent response Izzy.
     
  15. kitsune248

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    I agree with a lot that has been said so far! I feel like while I can understand a fee for the fact that if you decide to drop out and attend another instiution right before class the school has a right to take your money because they must scramble to find those to fill your seat. But I just think it is getting a bit much. I understand if you attend it goes towards your tuition but these schools know the process and its hardly fair when most students end up saving seats in multiple schools to have choices. It feel like admissions are no dummy and they know how to squeeze extra pennies. . .its like supplemental fees for apps. . . . . .
     
  16. BioCaficionado

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    Opportunity cost, mutually exclusive choices, sounds like everyone needs to consult their econ101 textbook.

    I paid 500$ to the University of Minnesota, and skipped a buffalo and pacific u interview.
     
  17. Endospore

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    Which campus did you specify or get accepted to? Is UM your first choice? I am interviewing there shortly...:xf:
     
  18. BioCaficionado

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    I interviewed in Nov. and will be at the twin cites campus this fall.
    The classrooms on the two campuses are connected by interactive tv. I'll be able to hear duluth students' questions during lectures (cool) but sometimes profs are at the opposite campus for lecture (not cool). UMN gives you four preference options. I chose the second.


    I will accept an offer at...

    1. Only twin cites campus
    2. Prefer twin cities, but will accept Duluth spot
    3. Only Duluth
    4. Prefer Duluth, but will accept twin cities spot

    Also, eat a substantial meal before the interview, it's a 4 hour deal and all we got were cookies.

    Another thing, you don't find out who your interviewer is until right before you go knock on their office door. All faculty have brief bios with recent publications and stuff posted on the wall on the same floor as their office. Read it
     
  19. Dezixn

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    Wow holly hell! :eek:
    I had no idea deposits were that much. I figured it would be like $100-$300 hah. Don't get me wrong, it makes sense now that I read some of those posts, but it got me by surprise.
    But... i guess I need to worry about being accepted before I worry about deposits. Glad I have a job!
     
  20. aznsensazn3

    aznsensazn3 Pharmacist
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    Midwestern is 1000 and iowa is 250. If I get accepted to both, I'm just gonna pay the iowa one as backup to uic which hasn't even sent out invites. I'm not paying a grand and not really wanting to go there.
     
  21. Endospore

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    Thank you!
     
  22. kitsune248

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    Please don't misunderstand me. I understand that opportunity costs money. I was just curious as to what options I may have from others previous experience! I was just going to pay the cash and take it with a grain of salt but until this thread I didn't realize that you could potentially ask for an extension, which I have concidered doing!

    The reason for my want for more options is that if I had no idea when the other school was meeting (which is my top choice by the way) then I wouldn't even be taking this chance and just paying for the seat as a safety regardless but since they are literally meeting during the beginning of the week for when my deposit is due I'd hate to mail the deposit and get an acceptance from the school the next day!! That would be like a slap in the face and $750 sent for nothing since the "safety" factor was for all of what could have been less then 24 hours!
     
  23. masafi

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    I think an extension is the best way to go. I asked for an extension for 2 weeks and instead they gave me a month and half of extension.
     
  24. kitsune248

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    did you call or email? I sent an email because I felt I could effectively ask for one better that way as apposed to stumbling over the phone.
     
  25. justjack

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    a question for anyone that was granted an extension. was it stated anywhere that they "cannot" grant extensions? i thought about asking for one but my acceptance package specifically states that on the deposit form.
     
  26. Tinkerbell22

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    2000 dollars?! :eek: For some reason I thought Nova's was like 500, or somewhere in that ballpark, but I could be wrong. 2000 is the most I have ever heard of.

    I think Mercer has one of the most fair deposit systems because you only have to pay 250 now, and then another 250 once summer comes around. I'm tempted to just pay it all at once so I don't have to worry about it later on! lol That's still less than some schools' one-time deposit.
     
  27. SouthernRxGirl

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    I just got a lesson in this topic this week. I needed my deposit in for my 2nd choice school by March 1rst. I have an interview with my number 1 choice school in April. I decided I wasnt going to pay the deposit, that was until I changed my mind at the last minute and I drove 90mph to the post office at the last minute and dropped my $1000. in 2 sec.
    I thought about all the stuff I could buy with that.... But I also thought about sitting out for another year.. that would be much worse!!!
     
  28. globalruns

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    Basically
    (1) Ask for an extension
    (2) If yes to an extension, hope that #1 choice meets and makes a decision.
    (3) If no to an extenion, you will have to either cough up the $750 or decline the offer. If you put up the deposit money you have a spot somewhere for next year. If you do not deposit the money, you have no secure spot for next year.
    (4) Also, note that #1 choice could take longer, could put you on hold, accept, reject, waitlist. You could also be accepted, but it could take much longer for the adcom to process your application even though they meet they may not decide specifically on your application. So, it could put you in a bind even longer. You might luck out and win, but it's risking it all.


    Do you get a sense of how you did on the interview?? Or where you may stand amongst others?

    It sounds like it's really going to be up to your #1 choice and when they meet, if soon, and if they decide in your favor. So not only do they have to meet soon, they have to decide, and their decision has to be in your favor, and along that have it be known to you.

    Yes, the deposit issue is a big deal. Especially when it's a lot of money. Hopefully you can extend the deposit deadline.
     
  29. kitsune248

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    Thank you for the advice folks. No word on whether I will get an extention yet but my plan is basically as stated above. Either way I will be express mailing it so I will be waiting till monday for any word and if not then I will mail it monday because its due tuesday. . . all well. One of the pharmacist i work with put it this way for me "look at it as a safety net and if you get into the other school look at it as a donation to the school to support others who chose the same career as you!"

    It made me feel better about parting with the $750 lol
     
  30. bn43py53

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    lol I would entirely agree with the above post. Smart explanation of a process that is designed for you the applicant to select the best school for you to attend and for the other way around matriculate the students best matching their institution. No safety net here and the best move is to deposit and attend an institution that would give you the same great education and atmosphere regardless of the love you have got for another school.
     
  31. twinspharm

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    If you get your next acceptance before your check is deposited you can always cancel it. Save yourself 715 bux
     
  32. kitsune248

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    ^^^what?!? I just read your post three times and I still don't understand it?! As we speak I'm reading it a third and I can't make heads or tails of it? Is it just me? Can you clarify? lol So I should go to a school I don't preffer for a better education? Isn't that part of why I would be choosing it in the first place?

    Twinspharm I concidered that but is that really good etiquette? I understand the idea of saving 750 but to cancel an already sent check to an institution? I wasn't sure about that. . .
     
  33. tsicamrahp

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    Hi Dreezy,

    I noticed the huge Colorado c/o 2014 above. Does that mean you gave up your seat at Creighton? (Just keeping a tab and checking to see if there is still room for me!)

    Sorry to the others for posting such a question here. I just have to ask.

    NEVERMIND DREEZY. I READ YOUR LATEST NOTE ON ANOTHER THREAD. GOOD LUCK AT COLORADO!
     
    #32 tsicamrahp, Mar 3, 2010
    Last edited: Mar 3, 2010
  34. JG2619

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    I'm going to bring this thread back to life.

    I have a similar situation. I applied to a four schools, mostly three year programs and one four year program just to be safe. I got an invite and interview to a four year program and between the time of the offer and the deadline to accept, I tried contacting all the other schools for interviews. Luckily, the aforementioned four year school was really cool and gave me a week long extension (which should have been foreshadowing telling me to accept their offer). Unfortunately the other schools couldn't offer me an interview until after the extension so I was either tasked with paying the deposit (which was $1500 and I work part time so that's like more than a month of work) or losing the offer. I chose not to accept and eventually received interviews with the other schools. I was offered acceptance into all of the programs, but chose one of the three year ones. Since I sent in my deposit every interaction with this school has been like pulling teeth. I don't get answers or even responses to phone calls and on the off chance I do speak to someone, they rush you through the conversation and give half-answers, it has taken them over a month to update my file in their system so I can apply for financial aid...basically I made a terrible mistake. I asked the first school to reconsider and now I'm on the wait list (fingers and toes and basically anything that can be crossed is crossed). I am willing to lose the $750 non-refundable deposit just so I don't have to deal with this baloney anymore, but there's not a money tree in my yard so I was wondering if there was a successful way to recoup any of the deposit I sent in because this school is just negligent in their duties.

    Since it's a three year school classes start in a month and I have ZERO financial aid, which means I don't have a place to live or a way to pay tuition or support myself so that's fun!
     
  35. lalaland33

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    Unfortunately, you're never going to see that $750 again. The school got what they wanted and it seems like that's all they care about. :/
    So, since you're on the wait list, are you going to wait or reapply to the first school no matter what or will you go to the school you sent your deposit to if you don't get your first choice?
     
  36. JG2619

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    I am now off the wait list, so I'm dropping my spot in the other program. For years I wanted to be an attorney so I am not finished trying to get that deposit back even if I have to pursue legal action to get it. Sure I'll spend money to do so, but it's a matter of principle. I have acted in good faith as far as our contract goes and it seems a little unethical to take someones cash and leaving them in flux.
     

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