If your child has been wait-listed at their top choice school, their college decision may be even harder, particularly if they have to put down a deposit without their ability to enroll being guaranteed.
It’s important to understand that most deposits are non-refundable, so using this to buy some time before making a college decision can be costly.
ALTERNATIVE TO THE DOUBLE DEPOSIT
Having your child call the admissions offices at both schools to let them know you are waiting for the results of a financial aid appeal could result in a deposit extension.
Some argue that placing two deposits may deny another student entry into a school since the space is effectively reserved for your child. Others say it isn’t fair to the school that isn’t chosen since they might not have a student actually fill that spot.
The vast majority don’t consider a double deposit unethical in the case of students who are wait-listed at one school and want to hedge their bets.
(...And Avoid Student Loan Debt)