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Outrageously High Deposits


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I recently was accepted to a school that is not my top choice. I am very grateful for getting in and will attend if I do not get in to my top choice. However, I was very surprised to find out that I owed a $1XXX deposit to save my seat in the class. This wont be a problem if I end up going here as the deposit will just go towards my tuition.

BUT, this school has an earlier start date than most other schools and I interviewed and got my acceptance before I even had a chance to get interview anywhere else.(The other schools sent me notices that they would begin interview invites in early fall). So i had no choice other than to pay this deposit. I dont want to come off the wrong way however, this is completely absurd and just a way for the school to make money off of the people that dont end up going there. Is this common for schools to have outrageously high deposits??? I did a quick search and it seems like the AAMC has a requirement for all deposits to be 100 bucks or less....

I trying to look at this as an investment in my future, and i apologize for complaining. Although the ARC-PA or whatever association is in charge should really have a similar restriction in place to stop schools from charging an arm and a leg for a deposit.

 

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It's the nature of the game.  If you don't want to pay it, you take the risk of waiting to see if you get in somewhere else.  

Schools also don't want to find themselves at their start date with half their class backing out (because they have no skin in the game) and then can't fill the class because everyone jumped ship last minute.  With PA programs having highly variable start dates, they have to look out for themselves, too, and not just in a 'make money off of students who don't end up attending' kind of way.  If all PA programs started in the fall like most MD programs, this likely would be a very different process.

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1 hour ago, MT2PA said:

It's the nature of the game.  If you don't want to pay it, you take the risk of waiting to see if you get in somewhere else.  

Schools also don't want to find themselves at their start date with half their class backing out (because they have no skin in the game) and then can't fill the class because everyone jumped ship last minute.  With PA programs having highly variable start dates, they have to look out for themselves, too, and not just in a 'make money off of students who don't end up attending' kind of way.  If all PA programs started in the fall like most MD programs, this likely would be a very different process.

I agree. It stinks to be stuck paying that much knowing you may have to forfeit it. But, PA schools are businesses that need to protect their investments. 

If you remember from basic economics, larger price tags are usually to elicit an action, not a profit. That $1k+ deposit isn't to make money, but to encourage only serious applicants to accept their seats. 

Best of luck! 

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I understand both sides of the issue, but I have to agree that the entire process isn’t very accessible for those of us who have any amount of financial instability. 

I think you made the right choice though, by placing a seat deposit. At the very least it’ll put your mind at ease. Good luck on the rest of your interviews! 

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I forked over ~ $700 as a deposit at the first school I was selected for. They were gracious enough to refund that when I decided to go elsewhere, but I had an exception to their deposit policy. I wouldn't ascribe the amount of a deposit as a way for schools to take your money unfairly. I looked pretty recently at the PAEA's annual report, and the vast majority of these schools' budgets come from student tuition. So if you back out and they have an empty seat, all of a sudden they may not be able to pay to have a full, or the right faculty to teach (One of, if not their highest operating expense). This is especially the case regarding all of the private institutions popping up with programs, as they don't receive as much public funding. 

No doubt, it is a hard bite to chew, but you need to decide if it is worth the gamble. Have they published a deadline for receipt of the deposit? I would wait until last minute for that if you can to see if you get more interview invitations. I remember that feeling of nervousness for months waiting for interviews, acceptance, etc. Think about all the possible outcomes, and whether timing of your entry into the program is your biggest concern. If you turn this school down, and don't get any other offers this application cycle, is waiting one more app cycle worth it to go to a top choice school? I am older than average with a family, so I chose timing, but I think without those factors, my overriding consideration would have been quality (Top-choice Program). Best of luck with your decision, and school!

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9 hours ago, MTBer2PA said:

I recently was accepted to a school that is not my top choice. I am very grateful for getting in and will attend if I do not get in to my top choice. However, I was very surprised to find out that I owed a $1XXX deposit to save my seat in the class. This wont be a problem if I end up going here as the deposit will just go towards my tuition.

BUT, this school has an earlier start date than most other schools and I interviewed and got my acceptance before I even had a chance to get interview anywhere else.(The other schools sent me notices that they would begin interview invites in early fall). So i had no choice other than to pay this deposit. I dont want to come off the wrong way however, this is completely absurd and just a way for the school to make money off of the people that dont end up going there. Is this common for schools to have outrageously high deposits??? I did a quick search and it seems like the AAMC has a requirement for all deposits to be 100 bucks or less....

I trying to look at this as an investment in my future, and i apologize for complaining. Although the ARC-PA or whatever association is in charge should really have a similar restriction in place to stop schools from charging an arm and a leg for a deposit.

 

My question is, if you pay to save a seat and get into a new program and prefer this one instead.  Do you take your deposit back? Or, once you place your deposit that confirms that is the school you are going to regardless of future acceptances?

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My question is, if you pay to save a seat and get into a new program and prefer this one instead.  Do you take your deposit back? Or, once you place your deposit that confirms that is the school you are going to regardless of future acceptances?
They're usually non-refundable. Which is supposed to be a motivating factor for not saving your seat if not serious about attending. But, life happens.

Sent from my SM-G950U using Tapatalk

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Guest thatgirlonabike

It is an annoying part of the game.  It's so frustrating that the start dates for the programs are so all over the place.  I've applied to schools that start in Jan, May and August.   

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