Is the May 1st deposit deadline for most schools binding? After being accepted and putting down the money, could I ultimately decide to not go (and take a gap year) if I wanted to, or am I committing to that school?
(assuming I would lose that deposit money)
Really depends on the school, what school are you talking about? For Syracuse for example, you commit May 1 , request a gap year , which they said they were ok with and not take classes at a 4 year college during your gap year and you would be a student in the class of 2021.
May 1 deposits is saying you will attend, if you decide on a gap year, you ask for one, if they say no you have to decide what your best option is, take a year and reapply to a bunch of schools or go to that school this fall. You can withdraw over the summer and take your gap year but the school does not owe you a spot when you want to continue your education.