<p>If you are waitlisted, you should definitely reply to one of the schools that have accepted you and put down your deposit there. After all, being waitlisted is NOT an acceptance and you may never get called off the waitlist, so you need to make alternate arrangements. Staying on the waitlist doesn’t cost you anything. </p>
<p>And if Princeton does admit you after May 1, you can decide at that time whether or not you want to accept. If you do accept, then you would forfeit whatever deposit you put down at the other school. Or you can just turn down Princeton’s offer and move on with your life at the other school.</p>