I know that May 1 is the date that I have to choose what college I have to go to. Some schools have Accept and Decline buttons on the application pages, but others don’t. If I choose a college, do I have to pay the deposit at that moment or can I do it after?
If I’m not mistaken, paying the deposit is how you prove that you are actually going unless it is waived. Obviously, it varies for each school.
Yes, most schools require non-refundable deposit fee by May 1st. This guarantees you a spot in the incoming freshmen class.
If you want to accept, but you don’t have the money available just yet, contact the college/university in question, and talk through the options. They should be able to help you come up with a workable solution.