Warning about multiple deposits

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stoopid
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Warning about multiple deposits

Postby stoopid » Tue Feb 05, 2008 11:02 am

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Last edited by stoopid on Sun Apr 06, 2008 10:54 pm, edited 1 time in total.

Da Stain
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Re: Warning about multiple deposits

Postby Da Stain » Tue Feb 05, 2008 11:04 am

Good info. The only uselessness of it though is that it doesn't start until 6/15, by which point most heavy WL action and all has taken place.

Am I the only one who doesn't understand the purpose of multiple seat deposits? It never even crossed my min. I'll pick a school, send them a check and see what happens with WL action. Am I missing something?

concerned
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Re: Warning about multiple deposits

Postby concerned » Tue Feb 05, 2008 11:08 am

I'll pick a school, send them a check and see what happens with WL action.


If you get into another school off the WL, is it acceptable to ditch the school you have paid deposit to? In other words are deposits non-binding? Does this vary from school to school?

Da Stain
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Re: Warning about multiple deposits

Postby Da Stain » Tue Feb 05, 2008 11:09 am

That's pretty standard I know. That's why they're non-refundable. But they are not binding.

It's this depositing at 2 schools and waiting on WLs which I don't understand the point of.

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the rza
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Re: Warning about multiple deposits

Postby the rza » Tue Feb 05, 2008 11:17 am

they must just be incredibly indecisive

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stoopid
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Re: Warning about multiple deposits

Postby stoopid » Tue Feb 05, 2008 11:23 am

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Last edited by stoopid on Sun Apr 06, 2008 10:51 pm, edited 1 time in total.

hbb
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Re: Warning about multiple deposits

Postby hbb » Tue Feb 05, 2008 11:25 am

Am I the only one who doesn't understand the purpose of multiple seat deposits?


In some cases, financial aid packages are not determined until after the first deadline for seat deposits has passed. Some schools allow students leeway on deadline for the initial deposit until after all aid has been determined, some do not. Several of the schools I've been accepted to offer partial refunds of deposits if students withdraw within a reasonable time frame, or allow students to indicate on the deposit form if they are any considerations (such as an interest in another school which has not yet made a decision, or financial issues) which may lead to the student later withdrawing, which leads me to believe its not uncommon for students to withdraw after placing a deposit.

Luxor
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Re: Warning about multiple deposits

Postby Luxor » Tue Feb 05, 2008 11:29 am

Some places ARE binding. Duke was very clear on theirs that you must withdraw all applications from other law schools when you submit your deposit. They make you sign an affidavit to that effect. I think they're one of the few that requires something like that.

concerned
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Re: Warning about multiple deposits

Postby concerned » Tue Feb 05, 2008 11:34 am

Some places ARE binding.


Isn't NYU also binding?

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just a girl
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Re: Warning about multiple deposits

Postby just a girl » Tue Feb 05, 2008 11:40 am

I don't mind binding deposits, but I think that if they are binding they shouldn't be due until May 1/15. Duke's is April 4th, which is definitely earlier than I will hear back from other schools. It's not really fair to make someone commit to something before they know their options.

YoungFogey
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Re: Warning about multiple deposits

Postby YoungFogey » Tue Feb 05, 2008 12:46 pm

SgtBilko wrote:Good info. The only uselessness of it though is that it doesn't start until 6/15, by which point most heavy WL action and all has taken place.

Am I the only one who doesn't understand the purpose of multiple seat deposits? It never even crossed my min. I'll pick a school, send them a check and see what happens with WL action. Am I missing something?



As stoopid mentioned, it can be really difficult for couples to just pick a school. If you have a family it gets more complicated. Coordinating a spouse getting a new job in a new location is tricky, especially if they have an established career.

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Go Bears
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Re: Warning about multiple deposits

Postby Go Bears » Tue Feb 05, 2008 2:09 pm

Getting acceptance as a summer starter at Michigan is a monkey wrench for me. This decision is going to go down to the last split-second, and Notre Dame's deposit for the fall is due April 10. I imagine that I'll make a decision one way or another and live with it, though.

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kill the headlights
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Re: Warning about multiple deposits

Postby kill the headlights » Tue Feb 05, 2008 6:18 pm

The purpose, for some people, of putting down multiple deposits is to wait out schools they are waitlisted at. So they will put a deposit at, let's say Berkeley, and also one at Harvard(even though they are waitlisted at Harvard, you have to put a deposit down to maintain your waitlist status). They will hang on at Harvard until the know they are not accepted. Or they will hang on at Berkeley, and then Harvard will accept them, in which case they will withdraw from Berkeley, forcing Berkeley to take someone off the waitlist. It is actually a really good idea for students, but it is horrible for law schools because they don't know what seat deposits are actually planning on attending. Deposits can be a way for students to cover their bases.

I spoke with the Dean of Admissions the other day from the University of Utah. We were at an event together. He told me they are going to absolutely use the LSAC warning that was the first post. They are going to check to make sure that people are not double deposited and if they are they are going to rescind their admission offer. It will make it much easier for law schools to narrow down entering classes if people can only be deposited at one school.

So I think it makes a big difference. This new policy will let schools see who is double deposited and they will know that they might not matriculate. And it seems that a lot of schools will consider this a reason for dismissal because of the language they used in the commitment to attend a school at the time of the deposit. It will clean up the process a good deal, and make waiting until August for a waitlist both unnecessary and impractical.

Da Stain
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Re: Warning about multiple deposits

Postby Da Stain » Tue Feb 05, 2008 6:22 pm

I hear you.

I think the multiple deposit thing has to do with depositing at 2 accepted schools and holding out on a 3rd WL. Or just 2 acceptances and deciding which to attend later in the summer.

So far, the only explanation that makes sense is the SO/family one offered above.

As for 24 yr. old punks like me, why would we put down 2 deposits at accepted schools?

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kill the headlights
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Re: Warning about multiple deposits

Postby kill the headlights » Tue Feb 05, 2008 6:23 pm

Am I the only one who doesn't understand the purpose of multiple seat deposits? It never even crossed my min. I'll pick a school, send them a check and see what happens with WL action. Am I missing something?


It seems you are. You will have to make a deposit at the school to which you are "seeing what happens." You will also make one at the school that you picked. Therefore, there will be two seat deposits for one person. That muddles up the process. It potentially keeps a student from being admitted who is going to attend your 2nd choice.

Two seat deposits for one person seems illogical. That is what they are trying to remedy. They are requiring everyone to choose where they are going earlier.

lawquestion
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Re: Warning about multiple deposits

Postby lawquestion » Tue Feb 05, 2008 6:26 pm

You have to deposit to stay on waitlists?

Luxor
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Re: Warning about multiple deposits

Postby Luxor » Tue Feb 05, 2008 6:26 pm

Duke's is April 4th, which is definitely earlier than I will hear back from other schools. It's not really fair to make someone commit to something before they know their options.


Seriously?? I didn't get that far in the letter yet. Wow, they've almost surely lost me as a potential student. I'm not even planning to enroll anywhere in the fall, but I was seriously considering doing a commitment/deferral. That's way too early to make that decision, though.

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MiniMao
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Re: Warning about multiple deposits

Postby MiniMao » Tue Feb 05, 2008 6:30 pm

IF this includes waitlists, how is it fair? If schools expect to pull from waitlists that late, why would they penalize prospective students for staying on waitlists? It seems like they want to have it both ways--they get to grab whatever students from lower-ranked schools they want to fill up their class, but nobody from their school is allowed to take a shot at moving up to a higher-ranked school

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iwasgoingtobeasenator
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Re: Warning about multiple deposits

Postby iwasgoingtobeasenator » Tue Feb 05, 2008 6:34 pm

kill the headlights wrote:
Am I the only one who doesn't understand the purpose of multiple seat deposits? It never even crossed my min. I'll pick a school, send them a check and see what happens with WL action. Am I missing something?


It seems you are. You will have to make a deposit at the school to which you are "seeing what happens." You will also make one at the school that you picked. Therefore, there will be two seat deposits for one person. That muddles up the process. It potentially keeps a student from being admitted who is going to attend your 2nd choice.

Two seat deposits for one person seems illogical. That is what they are trying to remedy. They are requiring everyone to choose where they are going earlier.


What? Maybe for Harvard, but I've never heard of such nonsense. The idea of the wait-list is for them to keep you as a temporary booty call in case someone they're committed to decides to cheat. That's it. If you are in at Cornell and waitlisted at Penn/Chicago/Stanford & Michigan... then you can put down a deposit at Cornell, stay on a crap load of waitlists and see what happens. You just don't get much time to decide if Penn calls you. "We'd like to offer you a position, you have a few days... think about it..."

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kill the headlights
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Re: Warning about multiple deposits

Postby kill the headlights » Tue Feb 05, 2008 6:39 pm

It does seem rather unfair. I am not an authority on the topic, however. It would seem rather ridiculous if you had to deposit for waitlist because if you can't double dip then upon being rejected from waitlist you would be shafted. Does anyone know?

I had heard that was the case. It also gives schools a way of knowing who is serious about being on the waitlist. So it would be good for the school but very bad for the applicant. Also, if you are waitlisted you technically don't have a seat to put a deposit on.

Does anyone know?

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kill the headlights
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Re: Warning about multiple deposits

Postby kill the headlights » Tue Feb 05, 2008 6:39 pm

When is the usual first round of seat deposits? April?

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iwasgoingtobeasenator
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Re: Warning about multiple deposits

Postby iwasgoingtobeasenator » Tue Feb 05, 2008 6:42 pm

SgtBilko wrote:That's pretty standard I know. That's why they're non-refundable. But they are not binding.

It's this depositing at 2 schools and waiting on WLs which I don't understand the point of.


Yeah I don't either. I am going to pick my "school" and then if I'm on a few waitlists whatever. You just pick one that you would be happy with, or that you want to attend. Then... you start the worrying and the waitlist anxiety. If you're going to whore yourself, do it on the waitlists and not the seat deposits.

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kill the headlights
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Re: Warning about multiple deposits

Postby kill the headlights » Tue Feb 05, 2008 6:50 pm

iwasgoingtobeasenator wrote:
SgtBilko wrote:That's pretty standard I know. That's why they're non-refundable. But they are not binding.

It's this depositing at 2 schools and waiting on WLs which I don't understand the point of.


Yeah I don't either. I am going to pick my "school" and then if I'm on a few waitlists whatever. You just pick one that you would be happy with, or that you want to attend. Then... you start the worrying and the waitlist anxiety. If you're going to whore yourself, do it on the waitlists and not the seat deposits.


Agreed, either way it seems like schools are going to be pretty strict about double depositing. As they should be.

concerned
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Re: Warning about multiple deposits

Postby concerned » Tue Feb 05, 2008 6:56 pm

you have to put a deposit down to maintain your waitlist status


Is this really true?

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wardboro
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Re: Warning about multiple deposits

Postby wardboro » Wed Feb 06, 2008 12:22 am

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Last edited by wardboro on Wed Feb 06, 2008 12:46 am, edited 1 time in total.




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