Hi my name is Taylor,
I got accepted into the college of my dreams but unfortunately, with the small amount of scholarship I received there is no way I can afford it. I was expecting way more money. The catch, I already paid my deposit. I’m going To have to go to my local community instead. How do I go about rescinding my deposit??? Someone please help!
Thanks in advanced,
Taylor
The whole point of a deposit is so that you have some sort of financial obligation to go to that school. Otherwise people would commit to several colleges, and they’d have no way of knowing who would actually show up until school started, which would really be complete chaos. So no, there isn’t a way to rescind it. It’s possible some kind-hearted admissions person might take pity on you if you plead your case, but they have no obligation to do so. The other thing you may be able to attempt - depending on what college it is - is calling them to try to argue for more financial aid in order to attend their college. It’s not common, but several of my friends actually managed to negotiate it.
Yes, you absolutely can let them know that you need to cancel your enrollment there. There are lots of reasons for not attending a place where you have made an initial enrollment deposit. All you need to tell them is that your “plans have changed” and that you won’t be coming this fall. Do make certain that the paperwork is completely cleared up so that you aren’t surprised with any tuition bills for the fall.
Do not expect to get your enrollment deposit back. If you have made a housing deposit, that might be refunded.
Deposit is most likely lost.
Contact the school. Some actually DO refund enrollment deposits or parts of them…if you notify the school before a certain date.
Only your school can answer your question.
How much was the deposit?
@Scrippsie, there are often good reasons to cancel that colleges understand. For example, a co-worker’s daughter committed to a college with the full intention of going, but then late in the summer she got off the waitlist for her dream school. Colleges understand these scenarios, and there’s even a phrase for it (summer thaw, or something like that). Anyway, the student didn’t get her deposit back, which is a minus, but the college was then free to bump a spring admit to fall.
@Scrippsie << So no, there isn’t a way to rescind it >>
Scrippsie, don’t just make stuff up. Depositing does NOT obligate a student to attend. The student can EASILY call and tell them that he will not be attending. Easy Peasie.
@CCMThreeTimes You may be thinking of the expression, “summer melt.”
@taylormkelly Is that the only school you applied to? Did you apply to financial safeties?
Students deposit and don’t attend. The colleges are not going to tie you to a wagon and force you to attend their school. You just notify them, and that’s that.
And some schools DO refund part of the deposit if the notification is in a timely fashion.
This student absolutely CAN make the decision not to attend School 1. The OP needs to call the school…and ask them what to do.
At some schools, deposits are refundable up until May 1. At others, they are non-refundable, but if you call and explain your situation they can decide to refund all or part of your deposit. If it was labeled as non-refundable, they are perfectly within their rights to NOT refund it - but it doesn’t hurt to ask politely. You’ve got nothing to lose by calling.
Why did you deposit before you knew you could afford to attend?
I really don’t appreciate people putting words in my mouth that I absolutely never said. Funny how none of you were able to cite where I said any such thing (other than mom2collegekids who took words out of context, since in context, the only “it” that I could be referring to is the deposit, since I never mentioned applications, only deposits), which is because I never did.
Rather, I let OP know why colleges require a financial deposit in an attempt to better gauge who will be coming in fall, rather than it being a totally chaotic guessing game. If OP is going to attempt to argue for the deposit back, they should have a clear idea why that deposit exists in the first place. While it’s unlikely they will, as the college has no loopholes or such which require them to return deposits and obviously colleges like having the money, trying certainly doesn’t hurt.
- appeal for more aid
if that doesn’t work then 2) Contact admissions and ask what you need to do (forms, etc) to rescind your commitment - check the school website/paperwork they sent you. If it states it’s non-refundable, then it’s p. much lost. Since it’s still early though you could at least ask for a refund and see what happens. best of luck!
Yes I did @mom2collegekids
The deposit was 250. I’m less Concerned about getting that back
@“Erin’s Dad” my father lost his job which is why I can NOW no longer afford it.
Call the school’s FA office and discuss this with them. It is a MAJOR change of financial circumstance. Maybe they will be willing to help you. Who knows? The squeaky wheel gets the grease.
@taylormkelly: There’s a loophole and you may well be able to attend your dream college. Erin’s Dad may well have saved your skin.
Your father losing his job is called a “change in circumstances” which justifies a review of your financial aid application. In other words, contact the college’s Admissions (the person who signed your letter of admissions and/or your rep - you can find that out by typing “admissions staff” and looking at the geographical zone each person’s in charge of) AND Financial Aid. Let them know you were admitted and had already deposited because they’re your #1 college. However, your dad just lost his job so you’d appreciate it if they could review your financial need with these new circumstances, which obviously greatly affect your ability to attend their college, namely, that without your father’s job you can’t afford to attend their college. You’re fully prepared to send them any documents they need within 24H and would be really grateful if they could review your financial aid application and reassess your need in light of these new circumstances.
Include ALL these elements in your statement (reassess due to change of circumstances, loss of job, #1 choice, already deposited, grateful for new review.)
What college is this? It matters because if it “meets need”, your offer is likely to change whereas if it doesn’t meet need, then odds aren’t the same at all. In addition, did you get merit aid?
Is a gap year possible?
Depending on your stats, attending community college could mean forfeiting thousands of dollars in merit aid.
Agree with above.
If your father recently lost his job…then you might be able to get a special circumstances consideration from the college.
Contact their financial aid department ASAP…and find out the process.
^^^ What GMT said. Definitely contact them to discuss this change in financial situation.
Pretty much a repeat of the above, but since I already typed it up in a PM to you, I will post anyway in case it helps anyone.
Most schools I am familiar with do refund deposits until April 1 or May 1. As others have said, if this one dos not, explaining the situation might get them to do so, and if not then as you say the $250 is not the biggest deal. But if your question was more along the lines of “can they make me attend since I deposited?” then of course not, and they cannot prevent you from going anywhere else. In fact, despite all the talk you hear, no school can really enforce even an ED agreement. It is more of a moral issue. Given your change in circumstances, it isn’t even a moral issue in this case.
I do think you should make a strong effort to talk to their FA office and see if there is a way they can take into account your Dad’s loss of job. Of course, that is only if you really want to attend this school much more than another.
Another option would be to take a gap year so you can earn some money and hope that your Dad finds similar work in the meantime. Most schools will hold your place (and your deposit, sometimes a higher deposit is required) for a year. Again, it just depends on how much you prefer this school over others.