What You Need to Know About Enrollment Deposits
The May 1 college decision day is fast approaching.
US News recently spoke to experts who shed light on all things related to enrollment deposits.
WHAT IS AN ENROLLMENT DEPOSIT?
Enrollment deposits are a lump sum of money that colleges require applicants to put down in order to confirm their acceptance.
“Historically, colleges have required students to submit an enrollment deposit in order to reserve their seat in the freshman class,” Sara Harberson, founder of Application Nation, a subscription-based Facebook group for college admissions advice, tells US News.
These deposits are typically due on college decision day, May 1.
“From the college’s perspective, the purpose of the deposit is to put some weight behind the acceptance of admission,” Chris Bell, founder of Bell College Consulting, says. “Colleges want to know that when students accept admission, they mean it.”
The May 1 deadline is important—a late deposit typically results in a student losing their admission seat. There may be some colleges that will accept a late deposit, but if it’s your top choice, don’t risk it.
“However, for most of the nationally known colleges and universities with highly desirable yield rates, a late enrollment deposit, even if it is a few days late, will not be accepted,” Harberson says.
STEER CLEAR OF DOUBLE DEPOSITING
Some students may deposit at multiple schools in hopes of getting off the waitlist of their top choice. But experts warn against the dangers of double deposits.
“Students don’t realize that they sign affirmations on the Common App when they submit their applications that state they are not permitted to deposit at more than one college,” Harberson says. “In fact, a student’s offers of admission may be rescinded if they double deposit.”
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