I am a transfer student and just got accepted to Clark University yesterday. If I want to go, I have to send my deposit before June 1st. However, my UMass Amherst decision comes out in mid-June and is my top pick. But I want to commit to Clark if he doesn’t get into Amherst.
You cannot “reverse” your deposit in the sense of getting a refund, such as canceling a credit card purchase, but the deposit is not legally binding; if you are admitted to Amherst and choose to go, you will lose your deposit.
Not. You don’t have to go to Clark’s – you can tell them you changed your mind, but you can’t get your money back.
The idea of a deposit is that it is non-refundable. You send money to save your place. The same applies when you book a venue for a wedding or other event. If you decide not to go to college (or rent the hall for the wedding), you’re losing money. The college won’t give it back because you’re filling a spot for other students who are on the waitlist. By sending money, you are making a financial commitment to the school. If you decide not to attend, you are free to go to another school, but you will lose your deposit.
Not normally. That’s part of the problem: they want to discourage (but not outright reject) those on the fence so that people who really want to go to school are guaranteed a place.
You have to check with the school. If the deposit is refundable, there is definitely a deadline for getting the refund. If you cancel, make sure you don’t miss the deadline or you won’t be refunded.