By Explore EditorToday is National Deposit Day! This might not be a nationally recognized holiday, but it is the deadline for students to send in the deposit to the school of their choice – the final step in the long college admissions process. For many families, sending in the deposit is a huge relief. Your child has finally chosen his or her school, the transaction is complete, and it’s now time to get excited for fall semester. However, there can still be some lingering questions and issues about the May 1 deposit, and we’re here to clear that up for you.What if I haven’t sent in the deposit yet?Don’t panic. Schools will still accept a deposit after the May 1 deadline, but you could potentially run into trouble. You could be put on a waitlist if you wait too long after the May 1 deadline and the school has already filled all of the open slots for incoming freshman.Can I send a deposit to multiple schools?You can, but it isn’t recommended. Sending a deposit to multiple schools is a waste of money, because you will not be getting those deposits back from the schools you don’t end up attending. You’ve had at least a month to decide between the schools that accepted you, so you should wait until you’ve finally made that decision, and send in a single deposit. The only time we recommend sending a deposit to a school you may not end up attending is if you’re on the waitlist of your top choice school and have not heard back by the end of April.Is the deposit binding?No, the deposit is not legally binding. But if you decide not to attend the school after all, there’s a strong chance that you won’t be getting that deposit back.Is the deposit negotiable?Schools will rarely lower the cost of the deposit (or waive it completely) for low income families, the assumption being that if you can’t pay the deposit, you’re probably going to have a really tough time paying the tuition! However, families with an significantly low EFC (Expected Family Contribution) will sometimes be allowed to pay a reduced deposit rate.As always, Unigo is here to help you through every step of the process. Book a chat with one of our Admissions Experts to discuss any last-minute issues you have before completing senior year and heading off to college. You can also get a head start on freshman year by chatting with a student at your college. Ask about academics, the dorms, campus life, or anything else you want to know about your school before arriving in the fall.And if you have any questions, shoot us a line at [email protected] We’d love to hear from you.