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It's not.

It might look bad, it might feel bad, but you need to do what's right for you. If that means going to the new school, so be it. The old school will get over it and will offer a spot to someone else on the waitlist: No harm, no foul.

It's not binding. I did the exact same thing last year, no repercussions, and besides, they don't care - they can just pull someone else from the waitlist who actually will pay sticker so it's a win-win.

Besides it being non-binding, they also understand that circumstances change. Call up the office and explain the situation. It might even get you a scholarship offer.