How does the waitlist work?

<p>This may seem like a stupid question but i dont know how this works. So I got waitlisted to one of my top choice schools and I chose to stay on the waitlist. The letter says that they notify me if I've be accepted off the waitlist in mid-may to june. But most colleges want you to tell them you are going to enroll and send in a deposit by May 1st.
So basically my question is, can you commit to another school on May 1st and then switch if you find out that you were accepted off the waitlist?
Also, can you get any financial aid off the waitlist?
Thanks!</p>

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<p>Yes, this is the only condition under which you can withdraw an acceptance after May 1st. You may loose your deposit though.</p>

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Usually a lot more difficult and in many schools, the ability to pay is a consideration in the W/L decisions. Depends on your school.</p>