0L -- Can I still back out of a deposit I placed on a school

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GameOfLoans
Posts: 59
Joined: Wed Jul 16, 2014 2:11 am

0L -- Can I still back out of a deposit I placed on a school

Postby GameOfLoans » Mon Apr 27, 2015 10:52 pm

I overstepped when putting down a deposit for a second choice school [School A] that I negotiated to six figures for and now am learning I should be getting a similar offer from my first choice school [School B]. I put down the first deposit initially for School A and I accepted their financial aid offer online and I really don't know how to engage the situation. My law advisor has been useless and I was hoping someone here may have some insight on how to approach this. I am not sure if I am bound to School A. I'm not looking for a refund here, just want to know: Will I be able to smoothly accept an offer from School B or will I have to ask School A to take me off of their roster first; are there any steps I need to take to ensure I can receive financial aid from School B if I choose to attend (as I have accepted financial aid from School A already)?

hearsay77
Posts: 546
Joined: Mon Oct 20, 2014 4:17 pm

Re: 0L -- Can I still back out of a deposit I placed on a school

Postby hearsay77 » Tue Apr 28, 2015 2:45 am

GameOfLoans wrote:I overstepped when putting down a deposit for a second choice school [School A] that I negotiated to six figures for and now am learning I should be getting a similar offer from my first choice school [School B]. I put down the first deposit initially for School A and I accepted their financial aid offer online and I really don't know how to engage the situation. My law advisor has been useless and I was hoping someone here may have some insight on how to approach this. I am not sure if I am bound to School A. I'm not looking for a refund here, just want to know: Will I be able to smoothly accept an offer from School B or will I have to ask School A to take me off of their roster first; are there any steps I need to take to ensure I can receive financial aid from School B if I choose to attend (as I have accepted financial aid from School A already)?


Negotiate with school B immediately, and check whatever contract/agreement/forms you signed when you deposited at school A to see what the school's terms were and if they prevent you from double depositing.

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fisheatbananas
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Joined: Fri Jan 30, 2015 6:26 am

Re: 0L -- Can I still back out of a deposit I placed on a school

Postby fisheatbananas » Tue Apr 28, 2015 3:28 am

Wait, what? Sorry if I'm wrong and I haven't done this but, I thought you could pay the deposit at as many schools that accepted you as you want, as long as you're ok with it being non-refundable.

JFO1833
Posts: 261
Joined: Fri Oct 17, 2014 2:06 pm

Re: 0L -- Can I still back out of a deposit I placed on a school

Postby JFO1833 » Tue Apr 28, 2015 7:19 am

fisheatbananas wrote:Wait, what? Sorry if I'm wrong and I haven't done this but, I thought you could pay the deposit at as many schools that accepted you as you want, as long as you're ok with it being non-refundable.


I believe this is true in a majority but definitely not all cases. Some schools expect you to withdraw all other accepted applications (not waitlisted or pending-decision) when you accept their offer of admission. There is something called the LSAC Deposit Overlap Service that allows schools to find out if you have more than one deposit.

This is a read-the-fine-print situation.

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fisheatbananas
Posts: 199
Joined: Fri Jan 30, 2015 6:26 am

Re: 0L -- Can I still back out of a deposit I placed on a school

Postby fisheatbananas » Tue Apr 28, 2015 12:13 pm

JFO1833 wrote:
fisheatbananas wrote:Wait, what? Sorry if I'm wrong and I haven't done this but, I thought you could pay the deposit at as many schools that accepted you as you want, as long as you're ok with it being non-refundable.


I believe this is true in a majority but definitely not all cases. Some schools expect you to withdraw all other accepted applications (not waitlisted or pending-decision) when you accept their offer of admission. There is something called the LSAC Deposit Overlap Service that allows schools to find out if you have more than one deposit.

This is a read-the-fine-print situation.


Ohh I see. Thanks for clarifying




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