You've got nothing to lose, but I wouldn't count on getting it back. Especially if the deposit deadline has passed.
May I ask what led to such a rash decision? What's more common is someone puts a deposit down to hold his/her spot and then he/she decides not to go to B-school and forfeits the deposit.
It certainly wasn't a rash decision, but was probably the wrong one in retrospect. After being promoted to VP, my compenstation was even further above what most MBA grads make right out of school. Which means if I graduate into an associate program, I'll be taking a step back in my career. However, looking at my goals, it is still probably the best move to make even with the temporary setback.