The Deposit Game

[Anonymous]

Ok, it's almost that time... when you start getting acceptance letters from your 2nd or 3rd choice and waitlist letters from your first choice... For newbies like me - how does the "Deposit Game" work? Much as I hate to be a part of this, I'm trying to be prepared for all situations...

We have an acceptance in hand for our 2nd choice Montessori and their deposit is due March 14th. Of course our first choice is Aidan and their letters mail out that same day.

Sooooo....
1) How firm are these deposit due dates? You think I can push it a few days to wait for the Aidan letter?
2) If we get a waitlist at Aidan and get in later in the summer, as I have heard can happen....(note I'm not holding my breath for an acceptance, its so competitive I'm not getting my hopes up too much!)
3) How strict are most schools about holding you to your contract? If we deposit w/#2 and then get into #1 later....? I'm sure they have their own waitlist to fill the spot ?...

Btw - We will be very happy w/our 2nd choice but thrilled w/Aidan so that is the only school that would make us change our registration. I know the board has mixed ops about Aidan so please dont flame me - b/c this is a relavent question for any school

Thanks!

[Anonymous]

Also a newbie here, but can you call Aidan on March 13 or 14 and ask them if you're getting in with the explanation that you have to tell another school on the same day? They'll certainly know by then. I would be reluctant to sign a contract that you would consider breaking. But that's my uninformed opinion.

[Anonymous]

Deposit dates and binding dates are two separate animals.

If you don't enroll in the school you lose your desposit. The big deal is the binding date--when the contract you signed becomes official. That's when you're talking about serious money. If you get off one waitlist but you are already bound to another, that means you are contractually bound to pay that school the full tuition. Some parents have done this I'm sure to go to their first choice school. The only way to get some of that money back is to enroll your child for 15 calandar days (assuming you got the insurance) and then officially withdraw and then go to your first choice school. HTH.

Ladies, check the AISGW website for binding dates of each school before you mess around and sign contracts or stay on waitlists you won't later be able to afford to get off.

[Anonymous]

You only get back a portion of the tution. you are still responsible for a huge chunk. Check the fine print when you get the tutition insurance information.

[Anonymous]

OP here - Thanks! I noticed that the form we send back for school #2 w/our $250 deposit says its binding for enrollment but that our first tuition pmt is not due until June or later depending on pmt plan.

But it doesnt seem like a very official form - I wonder if its really binding or will we get something else more binding from them when we agree to a certain tuition plan and duration (9mos vs. 12 mos)

[Anonymous]

OP you need to call and ask when the binding date is. It's possible and very likely the contract is binding before the first tuition due date. I think that's how it is with the k-12 type schools. Check.

Many of the schools moved up their binding date. It used to be August 1 and now it's June or July at many schools probably because of the "deposit game".

[Anonymous]

Where would I find information on the tuition insurance?

Thanks.

[Anonymous]

The information on tuition insurance is typcially included with the payment plans and tuition information that accompanies the contract. If the school does not offer tuition insurance then they may not have included that information.

To the PP, I would also call Aidan on the 14th and let them know your situation to see if you can get an answer that day. Then you can just drop the form off at the other school that same day, if you need to.

As far as binding dates go, that should be clearly stated in your contract that you return with your deposit. Schools do not return initial deposits. And, most will hold you to the tuition if you withdraw after the binding date.

It is a costly game to play, so read the contract closely.

[Anonymous]

In fact if you go on the AISGW website you can find a link to a case that was recently lost by MD parents who had enrolled their child at Grace Episcopal Day School. They enrolled their child but wanted to withdraw after the binding date. GEDS would not let them go. Parents sued arguing the school could recoup from the waiting list. Parents lost. I might have my facts wrong as i read the document a month or two ago but you can probably find it if you wanted to. Moreover, you get the point. Don't go past the binding date unless you're really commited to go or pay two tuitions if necessary. The schools do not mess around.

[Anonymous]

AISGW lists notification, reply, and binding dates for all member schools here: http://www.aisgw.org/parent_information/Admission%20Dates%20Survey%208.27.pdf

But I'd definitely also check wtih the school to be sure.

[Anonymous]

13:45 poster, I checked the AISGW site and found a case similar to the one you mentioned, but it was the Barrie School rather than GEDS. Could that be the case you're speaking of?

[Anonymous]

13:45. That sounds right too.

[Anonymous]

OP here. Yea the last thing we want to do is commit to a school we aren't really committed to.

I think we'll just call Aidan on the 13th or 14th and see if we can get a verbal answer. If not, then we'll pick up the phone and call our #2 and tell them the same - we love the school but we have one outstanding application and we want to be able to make an informed decision and can we do our deposit a few days later?

[Anonymous]

Bump.

Also wondering about how to handle this situation this week.

Thanks for any feedback.