<p>And, a year later, answering my own question.</p>
<p>The $500 deposit is applied towards your first year bill. There is also a $500 “University Fee” that’s essentially a school fines / room damage deposit. No room damage, no hit, and the $500 carries over to the next year. Make it through 4 years, and you get it back.</p>
<p>So, end of the day, the deposit is just that - a deposit applied against your bill. Last year, the first year of the new fee, there wasn’t much documentation on the reason for the fee, so it looked like a one shot. It’s not.</p>