Renege after paying deposit

Question

Just recording for future reference.

Anyone know what the consequences could be for reneging after paying a deposit? No, this is not directed at Columbia's ED but general admission cycles. Is there a global blacklist or something out there that schools pass around periodically?

Cheers

bonethugnhominy · Answer

You lose your deposit.

niraja · Answer

thanks much bonethugz.

anyone want to second that opinion or argue against it?

LB20 · Answer

I know several people who have reneged on their deposits to attend other schools (including a few that I believe, though I'm not 100% sure, actually reneged on the Columbia ED deposit). I don't think there is a blacklist, though I bet if someone did it to a bunch of schools, it might get around that someone was sort of playing the field like that.

If you do it for a good reason (like you had a required deadline to hold your spot in a program before you find out if you're in anywhere else and then you get into your top choice program, or you weren't 100% sure you were going to attend bschool and needed more time, or even if you were still trying to decide and needed more time), I don't really think anyone will hold it against you. But if you abuse it (put your $$ down on a bunch of schools and then renege) then at the very least karma may come back to bite you.

I think the other thing to think about is that it's $$ you won't get back, so be really sure you need to put that $$ down, other wise it's $1K-$6K (depending on the school) that you'll lose if you don't go there and that $ could be otherwise used for something while you are in school.

Just my 2 cents.

niraja · Answer

thanks to you too LB20, kudos to you!

mods, maybe this thread could go in an FAQ sticky thread i think. gclub rocks !

Jerz · Answer

There's really no consequence other than losing your deposit. That's why schools keep students on the waitlist over the summer, they expect some admits will back out even after the deposit date.

LetsGoMets · Answer

I think it happens all the time. I know many people that put deposits down at multiple schools because they needed more time to make a decision. I don't think the schools like it, but they get your money, so it seems like a fair trade.

I don't think there's a blacklist at all.

I don't think there's a blacklist at all.

ozzy10fl · Answer

I turned down a school after the deposit, and the admission's staff actually thanked me for letting them know in advance. It's not uncommon, but I did feel bad after informing them.

osbornecox · Answer

From your profile, you're not leaving much to the imagination...

rhyme · Answer

Just moved to DC, if you ever wanna hang out, let me know

ozzy10fl · Answer

I applied to some regional schools not listed in my profile. =)

rhyme · Answer

So did you end up at Georgetown or is that part of the trickery too?

pjjskj · Answer

What is the proper method to withdraw after paying a deposit. A call to admissions? An email to admissions? I would like to do this the most efficient and respectful way possible.

Any thoughts appreciated!!

shaselai · Answer

i am interested in some ED too and i know for sure i wont get into all 4 i have in ED - well i hope so then i can stop applying then and there

. But yeah you lose the deposit but on the bright side (hopefully) you are either getting into a better school and/or getting a lot of scholarship that the few K wont matter much.

ozzy10fl · Answer

An honest, apologetic email to admissions is fine. I'm not sure how you should phrase it because in ED you have to be more explicit about your intentions. I would ask an MBA consultant.

Sorry Rhyme, I missed your last message. Yes, I'll be going to Georgetown. I'll be headed there in just a few months, so I'd love to meet up. I'll message you my info. Congrats btw on your Chicago MBA!

Zatarra · Answer

Hi is it unethical to apply to another school when you have paid deposit at another . People do it all the time . 
What do You think ?

Renege after paying deposit

Prep Toolkit

Top 5 GMAT Debrief Videos

615 to 715 in 15 Days (Ria's Strategies)

More than Quant/Verbal Abilities: Speed vs. Accuracy

745 with Only Self-Prep and GMAT Club

From 555 to 765: 210-point Improvement

Perfect 805 Score Debrief by Julia

My Rewards