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Long story short, I am currently deposited at a school (t14), but am on the waitlist for another school that I expect to get off of shortly. Depending if I am offered scholarship money, I would highly consider this other school. However, should I also go back to the school I am deposited at and see if I can negotiate for more scholarship money? My previous negotiation was rejected, but with another offer on the table, I wonder if they would increase my scholarship slightly. I noticed someone with the same stats who was just accepted off of the waitlist got a scholarship a little higher than mine.

What to do?

Your only option is to wait. You don't actually have any negotiation leverage at the moment. If you do, then try going back with something.

The fact that you heard about someone else with similar stats getting more money isn't going to be a bargaining chip.