You agonized, you fretted and you finally wrote the checks to your child's second choice college to guarantee his place in next fall's freshman class. It was sizable money, too! Probably several hundred dollars to accompany his statement of intention to enroll, due May 1, and another hefty sum to apply for housing. Now comes word, in the middle of May or even June, that he's off the wait list at the college of his dreams.

Now what? Can he cancel his previous acceptance? Yes. And can you get your money back? Well, some of it.

Much depends upon the school in question, but in general, housing deposits can be refunded, provided you make that request as soon as you know your child will be opting for a different school. The enrollment deposit, which can vary from $150 to $500 or more, depending on the school, is usually a non-refundable fee that is placed toward your first tuition payment, but read the fine print when your child fills out the original form.