Can I cancel my desposit after I commit to a college?

I am a transfer student and I just got accepted to Clark University yesterday.If I want to go, I must submit my deposit by June 1st. However, my decision from UMass Amherst comes out during mid June and it’s my first choice. But I want to commit to Clark just in case I don’t get into Amherst.

5 Answers

  • You cannot “cancel” your deposit in the sense of getting a refund like if you cancelled a credit card purchase, but the deposit is not legally binding; if you are admitted to Amherst and choose to go, you forfeit the deposit.

  • No. You don’t have to attend Clark — you can let them know you’ve changed your mind, but you can’t get your money back.

  • The idea of a deposit is that it is non-refundable. You are sending in money to save your spot. It’s the same when you reserve a venue for a wedding or other event. If you decide not to go to the college (or rent the venue for the wedding), you lose the money. The college won’t give it back because you are taking up a spot from other students who are on the wait list. By sending in the money, you are making a monetary commitment to the school. If you decide to not attend, you are free to go to another school, but you will lose your deposit.

  • Usually not. That’s part of the point: they want to discourage (but not entirely reject) fence-sitters so that the people who are really eager to go to their school will be assured of a plce.

  • You have to check with the school. If the deposit is refundable, there is undoubtedly a deadline for getting a refund. If you cancel, make sure you don’t miss the deadline, or you will not get your money back.

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