@SomeOldGuy, well, the problem with that analogy is that a car salesman doesn’t really care who buys their cars, but many schools do care about the students that their scholarships reel in.
In that sense, this is more like a firm offering a job. Even if a job is a good one, a company may for good reason not want to wait several months for a candidate to accept their offer.
It seems that an extension is off the table so it really depends on your student’s personal circumstances.
How close is this school to the top and why? Why does your student really want to wait? What are his goals? How sure is he of them? What does this school offer? Why might other schools be better? How much does the money matter? What is the best safety and how far is this school from that one?