A Complete Overview of College Enrollment Deposits

You submitted your college applications, compared admission letters, and chose your college. But before you start shopping for dorm decor, you’ll need to submit an enrollment deposit.

Colleges ask for an enrollment deposit in the spring to hold your spot in the fall. But what is an enrollment deposit? Are college deposits refundable? And can colleges revoke your acceptance after you make a deposit?

When colleges send you an offer of admission, you pay an enrollment deposit to hold your spot. This deposit goes toward your tuition for the first year. Depending on the school, you may also need to pay a housing deposit to reserve on-campus housing.

Incoming students can generally expect to spend $100-$300 on their enrollment deposit, though some schools charge as much as $1,000. Most colleges also make the deposit nonrefundable, meaning if you decide not to attend, you forfeit the deposit.

But can you submit enrollment deposits to multiple schools if you’re having a hard time deciding? While you may be able to do this, you should avoid making double deposits — in addition to costing you extra money, by claiming a spot at multiple colleges, students on waiting lists may miss out on a chance to get into their dream school.

The process for submitting your deposit varies depending on the school. At most colleges, admitted students must fill out an enrollment form online and submit their deposit electronically.

Students can also submit a hard copy of the form with a check or money order. Some schools even accept online payment systems like PayPal.

Before the decision deadline, make sure you understand how to submit the deposit. Check with an admissions counselor or enrollment advisor if you run into any problems. If you’re facing financial hardship that could make it difficult to afford a deposit, reach out to the school.

Many colleges let you defer payment of the enrollment deposit. For example, if you cannot pay the deposit out of pocket, you can apply for a deferral until your financial aid comes through. But be sure to contact your school about this well before the deposit deadline.

Each college sets its own process for accepting a deferral. At some schools, admitted students who received an application fee waiver can automatically defer the enrollment deposit. At other schools, students need to fill out additional paperwork.

Admitted students can request an enrollment fee waiver if the deposit represents a financial hardship. Students who need a waiver should contact the admissions office at their college as soon as possible.

To qualify for an enrollment deposit waiver, students may need to provide proof of financial need. At many schools, qualifying for a Pell Grant or receiving other forms of financial assistance means students can receive a waiver or deferral.

In addition, the National Association for College Admission Counseling offers an enrollment deposit fee waiver that admitted students can submit to their schools.