Are you trying to “game the system” by placing multiple deposits after being accepted to more than one college? This is called “double dipping” and it is highly unethical. So, why would do some families do this? We all know the pressures of the application process can be very daunting and stressful to say the least. It can cause some families, in order to beat the system, to act inappropriately and operate unethically when it comes to college admissions. In most cases the normal deadline to reply to an offer of acceptance is May 1st. At that time you’ll need to decide which school you will be attending in the fall with a down payment to secure your spot. By putting down more than one down payment you have essentially delayed your decision until the fall.
This practice is deceitful and unfair to both the colleges and other applicants. And, if it continues, some colleges will be forced to increase their waiting lists or deposit amounts in order to more accurately predict incoming class size. The only time this practice is appropriate is when your child is wait-listed at his or first choice and accepted at another one. Remember, some colleges reserve the right to rescind an offer of admission if they discover that your child has double dipped.
David J. Albahary, CFP®, CCPS founded College Planning Connections, LLC in 2012 to help make college more affordable for families.
David is a Registered Investment Advisor with over a decade of experience in the financial service industry. He is a Certified Financial Planner™ and a Certified College Planning Specialist. In addition to being a member of the Financial Planning Association (FPA) and the National Institute of Certified College Planners (NICCP), he is a member of the National College Advocacy Group (NCAG) which is a non-profit organization responding to challenges facing college bound students and their families.
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