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May 1st is National College Enrollment Deposit Day

writingcheckThis should probably not be news for those that have been participating in the college search process but yes.. May 1st is the deadline for when students need to make up their mind and provide an enrollment deposit to the college of their choice. May 1st has not been recognized as an official holiday just yet but I do anticipate that Hallmark will be drafting up some cards to sell for the occasion!

With National Deposit Day comes a lot of questions and hopefully I am able to cover most of them below:

1. Can I deposit before May 1st? – YES, any and every college in the nation would love to have your deposit before May 1st to confirm your attendance at their institution. Some colleges may even provide incentives for early depositors.
2. Can I deposit after May 1st? – YES, however be prepared to be put on a wait list if the University has filled all the open slots it plans to have for the incoming class.
3. Can I deposit to multiple schools? – The answer is YES, but I would strongly urge you to not do this for multiple reasons. The first is that you will more than likely lose your deposit(s) at the school(s) you decide to not attend. Financially that just does not make sense. Secondly, your back-up deposit(s) can potentially block out other students that really want to attend that college as their first choice (you wouldn’t want someone doing that to you). Lastly, the college search process is created so that you can hone in on the perfect college and hopefully only have the need to deposit at one institution. However, it is your money and your conscience, so if you feel compelled to cross deposit it is certainly something that students can do.
4. Is the deposit binding? Meaning, if I end up not going to that school because I fall ill or change my mind, do I have a financial commitment to the college? – YES and NO… The deposit is not a legally binding exchange and it does not make you financially responsible to the school for tuition and fees. However, as stated above, if your deposit is non-refundable, you probably won’t get it back.
5. What if I decide to take a year off between high school and college after I have already deposited? – This should not be a problem with most colleges. They will just defer your deposit and secure your spot in the following year or the Spring Semester.
6. Do I have to pay the deposit? – YES, usually all colleges will require you to pay the deposit. Reason being… if you can’t pay the deposit, then you certainly are going to have a tough time paying the tuition..
7. Is the deposit negotiable? – YES.. in some cases. If you have generated an extremely low EFC with your FAFSA results, it is not uncommon for some colleges to allow you to pay a reduced enrollment deposit.
8. What if my deposit check bounces? – ooohhhhh.. never a good sign to the college… If you think your check is going to bounce, you probably shouldn’t write it. If it is an accident, you need to contact the college right away and issue them a “good” check for the deposit.

Ok.. now you are properly prepared for National Deposit Day. Get out those checks, grab your favorite pen, and make that commitment to the college that you feel most connected with before May 1st. 😉

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  1. […] of attendance without a deposit) will forfeit your student’s spot, forcing them on the waitlist, or even disqualify them […]


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