Friday, April 13, 2012

May 1st Deposits!

April is going fast and May 1st will be here sooner than you can write a $500 check! Speaking of checks, most colleges have a May 1st deadline for sending in your deposit (usually about $500). This deposit needs to be in by the deadline to ensure you have a spot in next year’s freshmen class. When doing this, carefully look over and complete any paperwork that needs to be sent in to the colleges with the deposit. DO NOT assume that everything is automatic. If you plan on living in the dorms, make sure you acknowledge that somewhere in the paperwork.
            For students who have been put on the waitlist, also known as purgatory, to one of your top choices, it is understandably a stressful time. Most colleges do not accept students off of the waitlist until well after May 1st, sometimes deep into the summer. Although it is not a great situation, students want to make sure they have a spot at some college. So even if you are a student who is still holding out for your top school where you were waitlisted, pick your top choice from one of the schools you were accepted into and send your deposit there. Never assume you will be accepted off of the waitlist! As many of you will find out, the deposits for colleges are almost always non-refundable. Meaning, if you do eventually get accepted off of the waitlist after May 1st, and do choose to attend the school, you will be out of the $500 you sent in to one of your other choices. There is no way around this, and can be a tough decision, but it is better to know this before. Good luck with final decisions, and parents…get used to writing those big checks for the foreseeable future!

Joseph Korfmacher, MA