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Canceling a deposit?

cupcake12cupcake12 Registered User Posts: 2 New Member
edited April 2011 in College Admissions
With the May 1st deadline approaching, I still haven't received my financial aid from my #1 college. They granted me an extension on the admission deposit so that they can complete my financial aid. My 2nd choice college, however, did not allow for an extension so that I could compare aid packages. I was thinking of sending a deposit to College #2 tomorrow and withdrawing my acceptance if College #1's aid package is acceptable. Is that a good idea?? I know I'll lose my deposit with the 2nd college, but I don't know if there are any other consequences. Thanks :)

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