Double Depositing is NOT a good idea

Parents Forum
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<p>It has come to my attention that some CC members here are giving the advice that it is "fine" to double-deposit, send two deposits in to different schools, and make up your mind later.</p>

<p>This is patently untrue. First, it is in direct violation of the standards set by the National Association of College Admissions Counselors - see <a href="http://www.nacacnet.org/NR/rdonlyres/32AC7935-7A99-40FE-A9C2-019AB11E498D/0/StudentsRtsNEW.pdf%5B/url%5D"&gt;http://www.nacacnet.org/NR/rdonlyres/32AC7935-7A99-40FE-A9C2-019AB11E498D/0/StudentsRtsNEW.pdf&lt;/a&gt;&lt;/p>

<p>Colleges and universities do check, and they do and will rescind admissions offers if they get wind of double depositing. This year, with waitlists larger than ever at some schools, I expect they will be looking more closely at double depositing issues and the risk of having an offer rescinded will rise accordingly.</p>

<p>Additionally, students must send in final transcripts from their high school to any college where they have agreed to attend. Many high schools will refuse to send double transcripts.</p>

<p>When you double deposit, you are, of course, holding a spot that could go to a waitlisted student. You are also adding to problems for next year's applicants. One of the reasons that waitlists have become so large this year is that colleges can no longer make accurate predictions about who will be there on the first day. So, double depositing my ultimately lead to even larger waitlists.</p>

<p>Finally, if this practice is widespread, it is likely that the deposits required by colleges for next year's crop of applicants will rise into the thousands of dollars, not a few hundred.</p>

<p>In short, this is a VERY bad idea. In spite of what you may read here where others are saying it is OK to do this, it is not. If you do decide to take this unethical route, then please do not advise others to also do so, and please be sure you can live with the potential consequence of having your offers rescinded at both schools. </p>

<p>If you, or your child, honestly need more time, call the schools in question and explain the situation and ask for an extension of a week or so. They may grant it, and it would be far preferrable to the ethics questions and risks of double depositing.</p>

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<p>Thank you, Carolyn, for your words of integrity.</p>

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<p>Thank you, Carolyn, for the details. I saw that advice a couple of times on these threads, and it just didn't seem right.</p>

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<p>--and even without an ethics situation, or a financial concern (raising of deposits), the practice would be counter-intuitive from a legal standpoint, given the general principle of a financial commitment as an indication of intent to honor a contract.</p>

<p>Between the choices of double-depositing & extended time, I agree with carolyn that colleges would much prefer the latter.</p>

<p>It also seems to me that if a student continues to be "torn" between two virtual "equals," (after revisits), then the student's preferences are about evenly divided, and neither choice is a "bad" choice for that student. (So decide already; nothing cataclysmic is likely to happen at the school of enrollment.)</p>

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<p>What also came up in the responsibility of the applicant is the need to contact the school(s) a student has been accepted to, but chooses NOT to attend, also by May 1st.</p>

<p>This seems to be another area where many are misinformed.</p>

<p>Thank you for posting this.</p>

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<p>Right on, sister!!!!!</p>

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<p>Thank you Carolyn! The admissions process is difficult enough as it is - double depositing is unethical. No matter how hard it is to make a choice it is necessary to do so - any other course of action is inherently dishonest and displays a gross lack of personal integrity. </p>

<p>Your wise words are much appreciated!</p>

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<p>I just hate to see mis-information being spread. This is another example of why you should do your own full research, that includes official sources, and not rely exclusively on the opinions of strangers here.</p>

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<p>I don't understand. Are you referring to housing deposits? Many schools recommend sending money to secure dorm space before April 1. This puts people in the position of having to reserve housing while still waiting to hear from other schools. But maybe this isn't what you're talking about. D is a junior and we haven't had to deal with this yet!</p>

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<p>A housing deposit is not a admission or a depost used as intent to enroll. If you must send a housing deposit to hold a space (not unusual as many rolling admission schools offer housing on a first come first serve basis). </p>

<p>It is a good idea to chech the policy with each school to ensure that you are indeed holding a spot for housing and not committing to attend. You also need to look at whether or not you can get a refund of you housing deposit and by what date will you need to contact the school.</p>

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<p>Nope, Carolyn is talking about students accepting a place - and committing to enroll - at two different universities at the same time. Definitely immoral. Putting in housing deposits to more than one place is fine... some large public universities suggest you apply for housing even before you submit your application (UT Austin, being one of those....)</p>

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<p>^^----^^^</p>

<p>"some large public universities suggest you apply for housing even before you submit your application (UT Austin, being one of those....)"</p>

<p>And a nice source of income for UT since most applicants send their non-refundable housing deposits in September while many people end up not being accepted or decide not to enroll. This is one the most questionable and least understable practices coming from Austin.</p>

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<p>^^^
I thought most colleges didn't accept housing applications until/unless the SIR had been submitted.</p>

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<p>NO, we had several schools that admitted S asked for housing ASAP. From others, we were told to spend (waste?) the money to secure better dorm. Fortunately, the $ wasn't too much. One was large state school, & to not hold a place in Honors dorm would have been foolish. This is not the same as holding 2 spots.</p>

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<p>What about schools, such as Penn State, that suggest you send your deposit and offer a refund if you change your mind? Is that okay?</p>

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<p>It pains me to disagree with so many posters here, especially on an issue of "morality", but here goes.</p>

<p>Some other families on these boards are truly torn in their decision. I think some folks just make matters worse for those families by putting double deposting in the "moral" category, and justifying it with the standards of the NACAC, as if all colleges pay attention to those standards anyway (I recall a few years ago that Harvard, for one, was in violation of such "standards" for over a year.)</p>

<p>I would feel much better about this if colleges were to also pay attention to these standards, by, for example, receiving "factual and comprehensive information from colleges and universities about their admission, financial costs, aid opportunities, practices and packaging policies, and housing policies." When is the last time you saw "comprehensive information" regarding aid packaging?</p>

<p>Legal obligation? Legal contract? Please, let an attorney speak up. </p>

<p>As carolyn herself said, "I just hate to see mis-information being spread. This is another example of why you should do your own full research, that includes official sources, and not rely exclusively on the opinions of strangers here." </p>

<p>So, those of you who are "official" moral sources, feel free to speak up. I for one am not an expert on morals, so I won't be so quick to condemn others who do what they feel they must in order to protect the well being of their own families.</p>

<p>I too, believe in doing the right thing. But, I am not a member of NACAC, so their policies, guidelines and such don't mean a heck of a lot for me. For those that don't know, the NACAC is, in their own words, "The National Association for College Admission Counseling (NACAC), founded in 1937, is an organization of more than 9,000 professionals from around the world dedicated to serving students as they make choices about pursuing postsecondary education." In other words, they're like any other professional association. To think a professional association can promulgate standards that apply to nonmembers strikes me as strange (or in this case, rather political, and certainly working to serve the purposes of its collegiate members.)</p>

<p>Look, this process is tough enough for parents. And colleges certainly don't seem to have the same moral compass when it comes to students. Too high a yield? Triple bunk, but keep the fees the same? Erroneous admits? recind. List classes in the catalog that are rarely, if ever, actually offered.</p>

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<p>Housing deposits have policies clearly set out by each U. For example, at USoCal, they encouraged students to submit them promptly, even before they were positive they'd enroll because housing is assigned based on when deposits are received. The deposit is a nominal $30. At some other Us, you have to send in your commitment deposit before or at the same time as your housing deposit. Amounts of deposits vary as well.</p>

<p>It does seem far more prudent to take the course suggested by Carolyn, of getting an extension rather than putting in two deposits. Speaking with the schools involved about the situation and asking for an extension seems the reasonable approach. </p>

<p>One of the problems is that there are schools who are still adjusting FAid & merit packages, so the "bottom line" is still not set. May 1 is Monday, so how are informed, intelligent choices supposed to be made? My friend has told her daughter to decline the school that hasn't finished the FAid package (who will TRY to get the package together by May 5) & accept the one who has given her a written FAid package the family can live with. Not an ideal situation, but that is what some kids & families are currently facing.</p>

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<p>From the standpoint that by double-depositing you are causing someone on the waitlist to further agonize over his or her position, I agree that it is unethical. But on the whole I have very little sympathy for the college. </p>

<p>Posts here and on another double-depositing thread have talked about colleges "deciding" to do things like recind your spot. I don't know much about the technicalities of college admissions statute, but in the greater scheme of contracts in the U.S. this seems intentionally ambiguous and unethical on their part. Of the two colleges I will decide between in the next 24 hours, one is a large state school and the other is small and private. The state school mentions that deposits are non-refundable should the student decide not to attend... I can't imagine how that would prohibit accepting somewhere else. It allows for it. The private school, big surprise, mentions nothing of it either in their acceptance packet or online. They obviously know that this will cross the mind of a large number of their accepted students, so why make them guess? I would prefer several pages of legal explanation to the colorful and unclear reply card they sent.</p>

<p>A large part of the confusion, it seems to me, comes from the word "deposit". When buying a house or boat, it's generally accepted that putting down a deposit is for the purpose of showing some commitment and real interest. It's so that the seller knows he has a likely customer, and so that the buyer knows she is certain of being sold the item in question should she definatively decide she wants it. If putting down a deposit were equivalent to purchasing something, deposits wouldn't exist; you would just pay for it all at once when you knew you wanted it for sure. It's no surprise that deposits are often unrefundable. But putting down a thousand dollars on a house or car or boat and then being legally bound to buy it? It would defeat the purpose of a deposit.</p>

<p>By extrapolation, a deposit on a place at a college would seem to be similar. That is, if not for the wording on most reply cards being "I will attend". Thus, there is a strange hybrid of a deposit and a 100% commitment. If it's legally binding, why the $250 up front? They can stick you for +/- $30,000. This is why I fail to see putting down two deposits as unethical the way the system is now. When buying a regular consumer product in the $5,000 to $45,000 range, and making a deposit, you almost always are faced with at least one full page of legal specifics so that you are sure of what the deposit entails. Why not the same with a college decision, which is much bigger than a car in someone's life anyway? </p>

<p>As the intermediary between accepted student and waitlisted student, the college is charged with making the obligations of both clear. When it fails to do so, I do not think either party above can be faulted. Of all the people in this thread and others who have dropped multiple deposits in the mail, only to find out it's "unethical" and could kick them out of college altogether, I say it's not at all their fault. If a counselor or other experienced person didn't warn them, and the colleges themselves didn't mention what a deposit really meant, I find it ridiculous to say they should have known better. Isn't one of the first rules of ethics that people and organizations, to avoid misunderstandings, should be clear in communicating with one another?</p>

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<p>^^^
Why is it called a Statement of INTENT to Register?
Shouldn't it be called an Irrevocable Binding Commitment to Register, if it's at all unethical to change your mind after submitting the SIR?</p>

<p>The only SIR we've submitted, BTW, we HAD to, in order to get a housing deposit accepted to be sure our S would have on-campus housing. (He has another month until his SIR is due for his other acceptance, b/c he was admitted late.)</p>

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<p>NACAC does have dot.com in its suffix. Not dot.org or dot.edu </p>

<p>I am one of those who advised momnipotent to send in a deposit to BU even though they have committed to OSU, and the reason was very simple..........BU made a very late improvement in their financial aid offer, and that certainly requires more thought. MP seems to be genuinely and financially torn, and it's not just a case of "I don't know where I want to go".</p>

<p>If the kid is simply vacillating, and sends in 2 deposits and sits on 2 admissions until July, that would not be good. But what if you sent in 1 deposit last week, and then on April 28 comes this unexpected financial aid package that makes another school affordable.</p>