A college enrollment deposit secures your spot at the school you’ve made a commitment to. They’re often due by May 1, though the exact deadline can vary depending on the college. It’s likely one of the first payments you’ll be making to the college of many! Below, we covered everything you need to know about college enrollment fees so you can attend your choice in the fall.
What Is an Enrollment Deposit for College?
An enrollment deposit is the fee colleges ask students to submit to “book their seat” at the school if the student received an acceptance letter and would like to attend the following fall. You might also see it referred to as an admission deposit, admission fee, or freshman deposit.
The enrollment deposit allows you to start signing up for your orientation, dorm room, classes, and meal plan. The money itself is put towards your first semester’s tuition.
These fees are almost always nonrefundable. Should you not attend the following fall after submitting your deposit, you likely won’t get the money back. However, enrollment deposits aren’t binding – meaning you don’t “legally” have to attend just because you submitted the money.
If you decide not to attend the college, you don’t have to submit the money, but you should notify the school as soon as you’ve made your decision. This allows the college to open the seat to waitlisted students who might like to attend and secure their seat.
How Much Are Enrollment Deposits?
Enrollment deposits tend to cost anywhere from $100 to $1,000. The exact price depends on the school. For example, Florida State University and Louisiana State University ask for $200. Arizona State University requires $300, while Villanova University needs $700.
You should be able to find more information about the cost on your acceptance letter, accompanying documentation, or your school’s website.
Are There Other Fees You Have to Pay?
You may also have to pay additional fees before you can enroll in your courses or select a dorm room. Some colleges request housing deposits, especially if space in their dorm rooms are extremely limited. You might even have to submit the housing deposit before you make your decision on where to attend, but it’s usually refundable should you choose to go to school elsewhere.
In addition, you could have to pay for orientation, including the meal plan and overnight stay, or other fees specific to the school.
How Can You Submit Your Deposit?
How you submit your enrollment deposit depends on the college. Most allow you to pay directly online through the student portal, either with a debit card, credit card, or other payment system. You can also send in a check or money order.
When Are Admission Deposits Due?
In most cases, colleges and universities require admission deposits by May 1, National College Decision Day. However, there are some exceptions.
If you applied for early decision and were accepted (not deferred or waitlisted), you’ll need to pay your college enrollment deposit shortly after you receive your acceptance letter. Usually, they expect the money within two to four weeks, but it varies, depending on the school.
You might also be able to submit the money later if your college doesn’t require a decision by May 1. Many schools have late deadlines or offer rolling admissions, which means they might allow you to submit a deposit during the summer or even after classes have started.
Check your student portal or the literature you received with your acceptance letter for more information about your school’s admission deposit deadlines. You’re also welcome to pay it well before May 1 or your school’s due date if you’re sure you’d like to attend!
What If You Can’t Afford the Enrollment Fee?
Many colleges and universities offer fee waivers if you can’t afford your admission deposit. Some even grant it automatically if you received the Pell Grant from your Free Application for Federal Student Aid (FAFSA).
If you don’t qualify for a fee waiver, you may qualify for a deferral, which allows you to pay the deposit once your financial aid comes through. The school still holds your spot while you wait for this money.
Your documentation should dictate how you can request a fee waiver or deferral. If you can’t find the information, reach out to your college’s financial aid department.
Can You Pay the Admission Deposit at Two Schools?
The only time you should pay the admission deposit at two schools is if you’ve been waitlisted by your preferred college. If you’re not accepted at your waitlisted school, you’ll receive that deposit back. If you’re accepted at your waitlisted school, write your second choice to explain the situation. You may receive the money back depending on the school’s refund policy.
If you’re on the fence between two schools, you might be wondering if you can simply pay the small fee to both of them while you decide. Since it’s not legally binding, this could seem like a “smart” idea. However, we don’t recommend it for several reasons:
- The money is almost always non-refundable. You’ll be wasting hundreds of dollars.
- If you applied to either of the colleges using the Common App, you’ll be breaking an agreement you signed. The fine print on the application states that students aren’t permitted to submit enrollment deposits at more than one school. If you’re caught, even if you didn’t use the College App, the colleges might rescind your admission offers.
- It’s unethical to reserve your spot at two colleges as it deprives another student of getting the seat. When you decline a college’s acceptance offer, your spot is opened up for any waitlisted students. If you submit your deposit and decide not to attend later, that student won’t receive your seat.
What To Do Before You Pay the College Enrollment Deposit
You might want to submit your college enrollment deposit to your dream school as soon as you receive that acceptance letter. However, it’s a good idea to wait – at least until you have your financial aid offer letters in hand.
Comparing your financial aid offer letters help you determine the best deal for your budget, today and in the future. If you submit your deposit too soon, you won’t be able to truly compare your options. You might even find you received less than expected and can’t attend your first choice!
If you find you jumped too soon, reach out to the colleges. You might be able to appeal for more financial aid or still attend even if you told the school you weren’t going to. If you can’t afford your original college even after an appeal and can’t attend your other choices, there are hundreds of schools that accept rolling applications during the summer.
When In Doubt: Contact Your School’s Financial Aid Office
Every college is slightly different when it comes to submitting your final decision and enrollment deposit. If you’re not quite sure what they need, refer to your acceptance letter and the accompanying documents. They should detail how you can pay your enrollment deposit, how much it costs, what it covers, and when it’s due. If you don’t see that information, reach out to the school’s admission department to learn more. You can also contact the financial aid office to learn about deposit waivers.
Before you select a college, you need to compare financial aid offer letters. Since schools don’t follow one set format for this document, it’s easy to get confused and misunderstand how much a college is actually going to cost to attend. Our Financial Aid Offer Letter Comparison tool allows you to upload your letters, see how they compare to one another, how much you’d have to pay out of pocket, and the debt you can expect after graduation. Get started here!
