<p>Does anyone know what the 'general odds' are in moving off of the Financial Aid waitlist onto the FA 'acceptance' list? Also, I cannot send my son to school to his second choice school (with an FA package), if I have to spend $5,000+ non-refundable on a FA waitlist school. Will the deposit be waived by the FA wait list school? Any thoughts welcomed!!</p>
<p>If your son has an offer with enough aid at his second choice, you should embrace that gift and not look back.</p>
<p>I agree with Neato. You are blessed to have a generous FA package from a second choice school. The fact that that school want your child that much should move it to first choice. Lots of people would give a LOT to be in your shoes.</p>
<p>I’m confused . . . is the school that waitlisted your son asking for a deposit? That doesn’t sound right . . perhaps I misunderstood?</p>
<p>No, it’s the first choice school that he is accepted to that is requesting a $5,000 non-refundable deposit for holding his spot, while we wait and see what (or if) their FA package looks like (assuming he moves off of the ‘FA wait list’). But if we pay a non-refundable $5,000 deposit to the first choice school without any assurance of FA coming through, then that is $5,000 lost that we desperately need to pay tuition at the second choice school (where only a modest FA award was made). </p>
<p>Neato and Classical, perhaps any FA award these days is considered generous? But in reality we are not sure that we can even afford the tuition at second choice school (our NAIS app indicated our family contribution should have been at a very low/affordable amount… unfortunately it did not quite work out that way…).</p>
<p>Thanks for your insights!</p>
<p>It sounds like you are accepted at two schools. The first-choice school gave no aid and put you on their FA waitlist. The second choice school offered a small amount of aid but you might not be able to afford it.</p>
<p>The $5,000 deposit sounds unusual. I wonder if you called the first school and told them you want to wait to see their FA package before you decide? And maybe they said they would hold your spot past April 10 (?) if you paid a non-refundable $5,000. (Especially confusing is that the schools where we had accepts want a $1,500 deposit not $5,000).</p>
<p>Does this fit the facts? Then you have to decide if you can afford the second choice school and if it is still worth it for you at the FA level that they offer. If so, you take that and never look back. </p>
<p>If you cannot afford either without more aid, then you can tell both schools where you need to be on FA, and stay in contact. Maybe one of them will come forward with more after April 10 when they see what FA they have left from their pool. </p>
<p>Personally I would never pay a deposit of any amount, unless I knew for certain that I could completely afford the school in question.</p>
<p>Hmmm…didn’t realize that the reward was not-so-generous. It might be worth a call to school number 2 (letting them know, of course that they are school number one in your hearts 
) If they know you really want them, but just can’t afford it, they might just scrabble something together for you–it has happened. </p>
<p>I just think it’s a mistake to put down a deposit for a school that has waitlisted you–which is essentially what school number one has done by waitlisting you for FA. That sounds pretty shady, actually–though I guess it’s legal enough since they admitted your child. It’s a nasty game to play though, in my book. Better the outright waitlist.</p>
<p>Okay, got it. Here’s what I’d recommend . . .</p>
<p>(1) Go to No. 2 school and see if the FA award can be increased. Yes, swallow your pride and beg. Will it work? Maybe. Some families have reported here that they spoke to a school that had offered them inadequate financial aid, explained their circumstances, and succeeded in getting an increase in aid. It’s worth a try.</p>
<p>(2) Do not pay a deposit to No. 1 school unless you are prepared to pay the full amount of tuition. If the school demands a deposit, tell them “thanks, but no thanks.”</p>
<p>I have frankly never had the experience of a school demanding a deposit after FA waitlisting my child. The choices I was given were (a) pay the full amount of tuition or (b) stay on the waitlist and hope that financial aid comes available. I was never told I had to pay a deposit in order for my son to stay on the financial aid waitlist!</p>
<p>So, perhaps you are mistaken that School No. 1 is expecting a deposit. Ordinarily, all they’d want is a “yes” or “no” answer as to whether you want to remain on the waitlist. They wouldn’t ordinarily ask anything else of you until such time as financial aid becomes available.</p>
<p>Now one other thing . . . do not hold your breath for financial aid to come available at School No. 1. Yes, it could happen, but that’s certainly the exception and not the rule. More often than not, there is little, if any, change in the availability of funds. One school told me that they’d expect to see no more than 3 out of 100 kids make it off the financial aid waitlist. That’s 97 kids who do not make it off the waitlist! Those are not good odds. And, that change might not happen until the end of August . . . by which time you would already have made tuition payments to School No. 2. So, if the collective experience of those have posted on CC is any guidance at all, it should tell you to forget about the waitlist school and go with the school that’s already made you an offer.</p>
<p>Dodger’s Mom: I’m guessing the deposit is to hold the child’s place as an accepted student after April 10. If she doesn’t pay, the child is then…what? Waitlisted and waitlisted?</p>
<p>Never seen such a thing, classicalmama, and we’ve been FA waitlisted multiple times, at several different schools.</p>
<p>I agree with the advice to sort it out with the schools. This is confusing and, for people who are familiar with this situation, it doesn’t make sense – so there should be no shame in going back to the school(s) to make sure that the process is entirely clear and transparent. If, after you’ve got clarification from the school(s) and still want input, I’m sure many of us here will offer our perspectives and share our own success and failure stories to help guide you. You’ve already got some wise people, above, interested in giving you counsel on this but their comments hinge on an accurate understanding of the facts. You should be able to call about this right away (as this is different than asking about an outcome)…and hopefully the people who can give you answers are available and not away on break.</p>
<p>Nimje99, if I understand your predicament, I agree with the other posters–I would not pay a non-refundable (!) deposit to a school which you may not be able to afford. $5,000 also sounds very high for a deposit.</p>
<p>I think the best option is to contact his second-choice school. If you can afford it, as long as you don’t send $5,000 to school #1, then I would choose the school which has offered you aid. </p>
<p>I also agree, the non-refundable deposit demand for a candidate on the FA waitlist sounds shady. If other candidates do not turn down offers, thus freeing up FA for your son, you’ve spent $5,000 for the privilege of NOT attending the school? I’ve never heard of such a thing.</p>