How to deal with Deposits May 1st if you are still on a waitlist elsewhere?
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Anonymous
| Double depositing is super unethical and completely different from waiting to see if you get off of a waitlist and then backing out of a previous deposit. There was a YCBK episode on how double depositing is unacceptable and an AO agreed with that statement. |
Anonymous
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With an 8th grader this is helpful info to know that the first time our bank accounts need to be ready is May of senior year.
I haven’t the thought if this detail before (still a long way out) |
Anonymous
And there is a literally a term for this: summer “melt”. Colleges factor in losing a certain number of kids in just this situation. And, this is different ethically than applying ED and keeping applications open elsewhere “just to see what happens” (and trying to find an excuse to dump the ED school is a high reach miracle comes through). |
Anonymous
The deposit is typically somewhere between 200 and 500. Your bank account needs to be ready to start paying the actual bill around August. Some schools offer a monthly payment plan if you don't want to pay a full semester at a time. |
Anonymous
| People seem to be conflating paying two deposits simultaneously with paying one deposit first and then pivoting to another school if you get off the waitlist later. As far as the ethics of a “double deposit,” what is the language of the contract or agreement when you pay these deposits? |
Anonymous
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We paid for top choice ($900) May 1st. Then, got off an Ivy (first choice) WL, within days of submitting that deposit- of course.
Oh well. You need to have something locked down by the deadline. There is a real chance you might not get off any WLs. |
Anonymous
^ my kid unenrolled the same day he accepted the WL and also sent a personal email to the school rep to let them know. You cannot be enrolled at two schools (you could lose your spot at both). |
Anonymous
Ours was $600. Your bank account also needs to be ready to pay the application fees. |
Anonymous
Again, you are NOT enrolled in two schools. You have a deposit…. |
Anonymous
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We all know double deposit is no no. Unethical. Shouldn’t do it. Not far to others that might want your space.
This is not about being fair to the school…. But are you telling me nobody here knows anyone that has done the double deposit dance? It is a lot more common than you think. Like a PP, we know several people that have done this. Including 1 at two Ivies. None were ED applicants. But to pretend it is not done, is ludicrous… |
Anonymous
Maybe both schools require you commit before you can sign up for housing and the earlier you sign up, the better your housing choices? |
Anonymous
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Another take promoting that you SHOULD double deposit:
https://www.linkedin.com/pulse/double-deposits-do-paul-hemphill-college-consultant |
Anonymous
Pretty balsy…..if it didnt affect other kids I would tend to agree with this guy…. |
Anonymous
I didn't click on it, but I would guess that college counselors who are NACAC members are also bound by ethical rules not to encourage their clients to double deposit. Double depositing is contrary to the explicit agreement the student signs when they submit the application via Common App https://www.commonapp.org/application-affirmations: "I affirm that I will send an enrollment deposit (or equivalent) to only one institution; sending multiple deposits (or equivalent) may result in the withdrawal of my admission offers from all institutions. [Note: students may send an enrollment deposit (or equivalent) to a second institution where they have been admitted from the waitlist, provided that they inform the first institution that they will no longer be enrolling.]" |
Anonymous
| If everyone had multiple deposits out, colleges would obviously increase the amount to something more substantial, to thousands of dollars, which would be a problem for less-resourced students who wished to accept an offer off a waitlist. |