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Paid the deposit... but may not want to go there afterall.

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Paid the deposit... but may not want to go there afterall.

by odannyboi » Fri Apr 29, 2011 5:16 pm
Hi, I wanted to know what possible repercussions this may have. The timeline is as follows: I got a 2 week decision extension to the school (thus, 6 weeks to decide), then declined it on the last day, then I expressed a little remorse (in response to the Director's response to my decline), I was allowed to visit some classes and meet the faculty (and given ANOTHER extension to reconsider), then after the visit, I accepted and paid.

Two weeks passed and I am wanting to go to another program. The school in question was near the bottom of my list, but is actually the best school out of the bunch.. I just don't care much for the location. I got into everything I applied to. I started talking with one of the other school's students and faculty members and prefer to go there (since it is in a state that I want to live and work long term).

Isn't this the reason they have wait-lists anyways? I need advice. I got a 1 month extension to decide for the other program I am wanting to get into.
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by essaysnark » Sat Apr 30, 2011 7:23 pm
odannyboi, not quite sure what you're asking.

It sounds like you *really* don't want to go to this school. You've been ambivalent all along, and even after all the visiting classes and the networking and the wooing from the director himself, you're still hemming and hawing.

You should be INSPIRED by bschool. If this place isn't cutting it for you, don't go.

Are you asking if you'll get your deposit back? Probably not.

We don't see any further "repercussions" to this. The other schools are unlikely to hear about it (unless you tell them). Yes, it's a small world and bschool admissions people talk to each other, but not about candidates, AFAWK.

If we misunderstood your question entirely, feel free to try us again and we'll give it another shot. Seems a clear decision, though... why go to this school that you're so completely lukewarm about? Regret is an ugly beast. Follow your heart, dude - go for the one that turns you on.
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by odannyboi » Sat Apr 30, 2011 8:59 pm
Thanks essaysnark! You pretty much answered my question. I already know the deposit is non refundable so I wouldn't even attempt to ask for it back (heck I would want them to keep it just for the trouble I caused). I was using this as a safety school and the major reason I paid the deposit was because 88% of my tuition (plus my entire health insurance premium) was being paid for.. I was floored when I saw the financial aid package. Also, the staff was nice and professional. Its the location that is the major con despite it being in the state next door the state that I want to study in.

My concern is that it is a small world. Business schools do talk with each other (especially since I would be participating in venture competitions and all of these schools are major competitors in the field). I don't want to be blacklisted from anything. If that were the case, I would just accept that I paid the deposit and essentially go with my monetary intention of going to that school. It just seems highly unethical that after all that, I still go back on my "word."

However, if you happen to know, I was asking if schools keep waitlists in the event that a student backs out after paying a deposit or do they keep waitlists for the purpose of people declining before the deposit is paid (in order to ensure their target enrollment)?

This whole process is also shooting my confidence... its making me realize how indecisive I am (I like all of the programs I applied to, but I am looking for the total package).
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by odannyboi » Sat Apr 30, 2011 9:01 pm
BTW Essay Snark.. I browsed your blog. Its rather amusing.
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by essaysnark » Sun May 01, 2011 5:18 pm
Oh! Waitlists! We can answer that.

The school's waitlist is unlikely to apply in your situation.

Schools keep waitlists of people who they were unable to admit through their standard rounds -- applicants who they like, but not enough to admit outright. Waitlists are for when the SCHOOL is undecided on a candidate, not the other way 'round.

If you say "no" to them at this point, then you're going to be removed from their consideration entirely, most likely. What you will be doing is essentially opening up a spot for them to offer to someone else who's been hanging out on their waitlist. So, you could think of backing out now as a way to do something really nice for a complete stranger. :wink:

You could always ask if they'd put you on it as a "just in case things don't work out for me" move, but we've never heard of that before, since it's really YOU who are undecided in this instance, not them. (When they stop laughing and unmute the phone again, we're sure they'll be real polite in declining the request. :lol: )

Anyway, glad you liked the blog. If we can't educate, at least we can amuse.

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by Ttronn » Mon May 02, 2011 10:09 am
Honestly, I wouldn't worry about this at all should you decide not to attend the school you've recently paid a deposit for. The deposit is not at all something that can or should bind you. Its not uncommon (at least here in Canada) to have to decide whether to pay a deposit at one school before hearing back from the other schools you've applied to, so you can't be expected to have made your final decision about a specific program at that point anyhow. Besides, the Admissions Director must suspect that there's a possibility that you will attend another program after already declining the offer once before being persuaded by their staff to accept during a 2nd extension. And you are right, this is exactly why they make waitlists (and why at some schools they are longggggggg).
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by money9111 » Mon May 02, 2011 5:10 pm
yeah you're good to go... go to the school that inspires you as it was so eloquently stated previously. schools deal with this all the time. it's not a big deal. it's actually better for them in the long run to not have you attend their program if that's not where you truly want to be. ;-) that's how i would think of it
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by hman768 » Wed May 04, 2011 11:46 am
I agree with everything said on here. It won't be a big deal to lose your deposit and go to the school you really want to go to.

I wanted to add a little unsolicited advice - unless the school you want to go to is WAY better than the one you deposited at you should at least give the school which such an amazing financial aid offer a second look. Assuming the schools both cost $100k for the two years (just shooting from the hip) you will have debt of $100k or $12k. A $100k payment is $1200 a month for 10 years and a $12k payment is $250 a month for THREE years!

I'm sure either way things will turn out great for you! I hope I didn't over-step any bounds but I wanted to let you know that it's ok to take the money even if it's not the "best" school.
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by odannyboi » Thu May 05, 2011 6:26 am
Hey thanks everyone! I guess I won't feel too bad if it comes down to not going to the school I put a deposit to.

However, hman mentioned something that I am seriously considering. With an internship during the summer, the remaining tuition would mostly be paid for at the original school. However, it is such a rigorous program and coupled with the fact that I have to do a grad assistantship (10 hrs a week), I will be working my butt off. (In the end, I'll only be paying for room and board, though).

With the other schools, I'll pay anywhere between 32-56K for tuition but with the flexible schedules, I will be able to find a good internship in major cities or even a job for one of them. Plus the locations are much more exciting (a location I would love to work long term).

But thanks again, I'll let the forum know what happens in the end.
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by Ttronn » Thu May 05, 2011 6:37 am
I wanted to comment on HMAN768's advice several posts prior. While leaving the MBA program with minimal debt (and 100K vs. 12K is a significant difference) is definately something that is important it means nothing if attending the lower ranked/desired school will not help you achieve your career goals.

Not specifically knowing those goals (they may be in the OP but I haven't reread it) it may be that what you want to do post-MBA is something that can be done relatively easily at both schools. But at the same time, it may be something that the 100K tuition program sets you up SIGNIFICANTLY better for than the school throwing money at you.

All I'm trying to say is just to make sure that if you do decide to attend the the lower ranked/desired program that you ensure that by doing so you will provide yourself with the opportunity to pursue your career interests. Frankly, I'd be pretty upset looking back on my education if the career opportunities weren't available to me after having attended the lower ranked/desired program. The extra $1,000 a month of disposable income wouldn't help with that pain in the slightest. There's a reason why people often opt to pay full tuition at Harvard/Stanford as opposed to accepting positions a schools ranked 6-12 with full fellowships, and its not because those lower ranked programs aren't exceptionally strong. Its all about opportunity. Whatever you do, research heavily and be sure of your decision. Don't sell your career short to save some "right now" money.
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by odannyboi » Thu May 05, 2011 9:55 am
Ttronn, yes Top 5 schools are a different story. All of the programs that admitted me are top 25.. in my desired specialization... but not necessarily top 25 overall.

I do agree with you though as to getting the most out of the program and where you want to go, the major con is the location for the original school I paid deposit to. I wanted to use b-school as a way of connecting (professionally and socially) with people and business leaders in a specific region ("plant roots"). Its a tough decision.
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by Ttronn » Thu May 05, 2011 10:19 am
I can empathise with the "location" issue as it was something that I had to consider heavily in the application process as well albeit I dealt with my concerns early in the cycle (read: before sending in an application) because I was scared of being in a situation similar to yours. I'm not trying to say that your situation is at all unfavourable because I think its pretty clear that its not, but having a very generous financial aid package extended by a school that you have some reservations about is quite a predicament to be in.

Without outing the school/region that you're considering is there a way for you to convey just how dismal the location is. Perhaps with a "Its located in a tertiary market similar to city X" "Or it is the focal program in a region similar to that of XYZ". I don't want you to reveal more than you feel comfortable with but I am fairly curious about your concern regarding location.

There are many strong programs out there in poor locations (i.e: Tuck, Johnson, Simon, Fisher etc.) that make up for their location problems with a very strong program and recruiting efforts that provide their students with offers in major business centers along with opportunities to mingle with movers and shakers in those same centers.
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