Question Mark on College

Dear Mark,

My daughter just received her acceptance letter to one of her top-choice SEC schools, and we’re thrilled! This is a wonderful university, and it’s been high on her list throughout the application process.

Here’s my dilemma: The university is asking for enrollment and housing deposits soon, but she’s still waiting to hear back from several other schools and isn’t 100% certain where she’ll attend yet.

Should I go ahead and pay these deposits now to secure her spot, or wait until she’s made her final decision?

Any guidance would be greatly appreciated!

Sincerely, Depositively Confused

Dear Depositively Confused,

First off, congrats to your daughter! Getting into a top SEC school is no small feat, and you should absolutely celebrate that win. Now, let’s talk strategy.

You’re asking the right question at exactly the right time. This isn’t just about money (well, maybe it is!), it’s also about understanding the game you’re playing (that’s the strategy part).

Let’s Break it Down

Most colleges require enrollment deposits by May 1st (National College Decision Day), but some schools, especially those with rolling admissions, might ask for deposits earlier; those are often housing deposits. Before you write any checks (are checks still a thing?), grab that acceptance letter and read the fine print. This is what you need to know:

When are the deposits actually due? If it’s before May 1st, you’ve got some leverage to push back or at least understand your timeline.
Are these deposits refundable? Housing deposits often are (up until a certain date). Enrollment deposits? Usually not.
What happens if you don’t pay right now? Does she lose her spot, or just her priority housing selection?

Here’s my take.

Strategic Timing is Everything.

Since the enrollment deposit deadline is May 1st, you can wait. Let her hear back from her other schools first. You’ve got time, and there’s no reason to commit financially before she’s emotionally and mentally ready to commit to a school. After all, you may want to actually compare each school’s Financial Aid Award Letters.

Some families do pay early deposits as “insurance,” especially if housing is competitive and fills up fast (think popular SEC schools where everyone wants to live on campus). Yes, you might lose that deposit if she chooses elsewhere, but you’re essentially buying peace of mind and securing her options.

The real question might be, “What’s the cost of waiting versus the cost of acting?”

To illustrate, if that housing deposit is $300 and it guarantees her a spot in a decent dorm, that might be worth it even if she ends up somewhere else. Think of it like reserving a hotel room you might cancel. But if we’re talking $1,000+ in non-refundable enrollment deposits? That’s a different calculation.

Here’s what I’d do in your shoes:

Call the admissions office. Ask them directly: “My daughter is thrilled about this acceptance, but she’s waiting to hear from a few more schools. What flexibility do we have with these deposit deadlines?” You’d be surprised by their answer, but you’ll learn what’s important.
Know your other timelines. When will she hear from the other schools? If it’s just a few weeks away, waiting makes sense. If it’s months? That might change things.
Consider the housing angle separately. Housing can fill up fast at big schools. If this is truly a top contender and she’d be devastated to get stuck in overflow housing, the housing deposit might be worth securing now, even if the enrollment decision waits.
Have an honest conversation with your daughter. Where does this school really rank for her? Is it her number one, and she’s just waiting to see if she gets into her “dream school”? Or is she genuinely torn between multiple great options? That answer should guide your financial decision.

There is a silver lining here! Most families navigate this exact situation every year. You’re not alone, and there’s no perfect answer—just the right one for your family’s financial situation and your daughter’s priorities.

Here’s the bottom line: If you can afford to place a deposit knowing you might lose it, and it buys your daughter flexibility and peace of mind, it’s often worth it. If that money would be a real hardship to lose, wait until she’s certain, or the deadline forces your hand.

You’ve got this—congratulations!

Warmly,

Mark