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Your Deposit Questions Answered

As we explained in your acceptance letter, you are required to make a $500 deposit to confirm your enrollment at McDaniel College. This deposit will be credited towards your first bill. Below we've answered the most common questions we receive about the process of depositing. Should you need additional information, please don't hesitate to contact us.

Three students walking together on campus.

When should I deposit?

The National Enrollment Deposit Day is May 1, 2019. In general, colleges and universities give you until May 1st of your senior year to make up your mind on which school you want to attend and ask you to submit a deposit by then. This gives you time to compare scholarships and aid, and hopefully visit the schools and decide which one is right for you. The May 1 date is a national agreement among colleges and universities brokered years ago by the National Association for College Admissions Counseling, and operates to protect applicants.

However, in light of the unique circumstances facing our Fall 2020 admitted students and families, McDaniel College has moved the May 1st deposit deadline back by one month, to June 1st, 2020

Can I deposit before June 1? 

Yes! You may deposit anytime.

Can I deposit after June 1?

Yes, if you have received an approved deposit extension. Please reach out to your admissions counselor if you feel you need an extension.

Can I deposit to multiple schools?

Technically, yes, but we would strongly urge you to not do this for multiple reasons. The first is that you will more than likely lose your deposit(s) at the school(s) you decide not to attend. Secondly, your back-up deposit(s) can potentially block out other students that really want to attend McDaniel College as their first choice. Lastly, the college search process is created so that you can hone in on the perfect college and hopefully only have the need to deposit at one institution (we hope it's McDaniel!)

Is the deposit binding?

Meaning, if I end up not going to McDaniel because I fall ill or change my mind, do I have a financial commitment to the college? Yes and no. The deposit is not a legally binding exchange and it does not make you financially responsible to McDaniel College for tuition and fees. However, our $500 deposit is non-refundable, so you will not get it back even if your enrollment plans change.

What if I decide to take a year off between high school and college after I have already deposited?

This will not be a problem as long as you have submitted a request to defer. Reach out to your admissions counselor to submit this request. Once approved, we will defer your deposit to the following semester, which will secure your spot in that incoming class. More information about our gap year policy can be found here.  

Do I have to pay the deposit?

Yes, usually all colleges will require you to pay the deposit.

Is the deposit negotiable?

No. McDaniel College does not accept payment plans. If you need a deposit extension, please reach out to your admissions counselor.