Thursday, May 5, 2011

Paying The Deposit - Then Changing Your Mind

Many graduate school applicants face a dilemma when they are accepted early by a school and asked to quickly pay a deposit before they have time to receive the final decision from the other schools they have applied to.  This becomes even more difficult when the school that has accepted them is not their first choice.

First of all there is nothing wrong with politely asking for a payment extension by explaining to the school that you would like to evaluate all of the offers from the schools you have applied to before paying the deposit.  Many schools will appreciate your honesty and grant such an extension for a limited period of time.

However eventually you may have to make the decision whether or not to pay the deposit while you are still waiting to hear from your dream school.  So what should you do if you eventually receive an offer from your dream school - is it okay to back out and reject the first school?  Here are some points to consider when making this decision:

Monetary consideration.  The deposit will almost certainly not be returned if you back out so you will need to consider whether you can afford to lose this amount of money.

Inspiration and enthusiasm.  Does the first school inspire you to learn and are you extremely enthusiastic about studying there?  If the answer to these questions is no, then you probably should not attend the school, whether you paid the deposit or not.  Graduate school is a huge investment of time and money - this is a decision you must be 100% certain about.  You may regret it for the rest of your life if you go to the wrong school.  Also, the school only wants students who really like their program to attend.  So if you are not enthusiastic about the program in the end it is also better for the school if you do not enroll.       

Ethics.  There is an issue about whether accepting the offer of admission from a school and paying the deposit and then backing out is unethical.  Some people might persuasively argue that this is unethical behavior.  However one can also argue that paying a deposit is simply a monetary issue, not an ethical issue.  If you paid a deposit for a hotel and then decided not to stay there most people would certainly not consider this an unethical decision.  The school still gets to keep your money, so they have gained something.  In addition, many graduate school programs put hundreds of applicants on the wait list for precisely this reason.  Rest assured if you back out, the school will be able to find a qualified and eager candidate to take your place.    

In the end we advise applicants to follow their instincts and go to the school that they like the most.  It is a very personal decision, but foregoing your deposit may be worth it in the end.

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