Thursday, May 26, 2011

Deposits are a real hassle

















Law school deposits are a real pain in the ass. You would think that the schools make enough money that they would not try and nickel and dime you to death, but they do. Most people, myself included, apply to a large number of laws schools, all of which accept or reject you at different times. This means that you will likely be accepted to second choice schools before you are accepted to your top picks. Well, many of these schools have decided to require seat deposits that vary from $150-500 which are due anywhere between Feb- July before you plan to attend. Start saving now if you plan on going to law school because you are going to waste a BUNCH of money on these damn deposits.

Lets say one of your safety schools accepts you and requires a $300 deposit by March 15,  and they only accept checks or cash. This means you need to send in your money at least a week prior to the deadline. If you have not received an acceptance from a first choice school by then you don't have much of a choice but to send in the non-refundable deposit. A week after you send in your $300 deposit you get an acceptance letter from another second choice school, but this school is better than the last school you were accepted to. They require a $250 deposit by April 1st, so you send them another check. A week of two later you receive an acceptance from your 2nd choice school and are wait listed at your top choice. Now you send in the $300 deposit at your 2nd choice school and hope to be accepted at your first choice. A month goes by and now its time to send your 2nd and final $500 deposit to your 2nd choice school so you go ahead and send another check. You have spent $1350 on deposits so far and out of nowhere you receive a letter from your top school informing you of an acceptance, great right? It is good but now you have to send them a $500 deposit to hold your seat. This means you have spent $1850 on deposits for law school which is a decent chunk of money for an undergrad student with no job.

I can see how deposits are required in order to keep law schools full and to keep people from backing out, but why the hell don't they make them refundable? Seriously, if I send you the money and don't go to your school its not different if you return the money or not. Its just the schools being greedy and the fact that they know there is nothing us students can do about it makes it that much worse.

32 comments:

  1. Frustrating system. But I guess it also a good way to make money off students that are fishing for a better school.

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  2. I had to pay a deposit for Purdue....it sucked >.<

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  3. It wont be long before brick & mortar education is obsolete. But until then, someone's gotta pay for the 'old school' way of life.

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  4. yeah.. they could improve the system

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  5. youd be surprised how poor schools are even though you are paying them a shitload

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  6. Completely free education -> Oh yeah!

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  7. That's an unhealthy system. Where I'm from, deposits like that are illegal.

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  8. I applied to a lot of business schools and they required deposits too. So lame.

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  9. Money making schemes like any other industry...

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  10. Wasting money is not in my criteria.
    Law school seems rough, good luck to ya.

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  11. Wow man that sucks, in the UK it's all loan based, so the governments gives is the money then we pay it back..

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  12. That's pretty clever really. Don't have that where I am. Hope they don't bring it in either. Sucks

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  13. Yeah the system needs work.

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  14. Yeah, I can imagine that that would be very expensive.

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  15. I dont like how that works.

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  16. As a grad student myself, I can tell you that this happens more often than you might think. It sucks.

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  17. I was thinking about getting a loan to college...

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  18. Agree with ZKMin. Bail out students i say

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  19. I agree 100%. I had to do the same for the pharmacy schools I applied to.

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  20. I'm happy to live and study in Germany, I've only 1000€ per year to pay that are ~1500$

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  21. your making some great point here.

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  22. It's disgusting, especially if people are on low income.

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  23. I can only hope this doesn't get worse

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  24. I think schools make enough money, but for some reason they want more

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  25. it's a very unhealthy system

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  26. These deposits are unfair :(

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  27. It must suck to be poor in america

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