What Happens If Accepted Off Waitlist

Many students now will have one or two universities that offered them a place on their waitlist. So, what happens? Students should first of all pay their enrollment deposit at their university of choice among their admitted schools by May 1. Decisions on acceptance off the waitlist usually come sometime in early July. If this happens, 1) students aren't required to accept the waitlist acceptance (non-binding), so they should think the offer over, 2) students will have fewer housing choices, since all the "good" dormitory spaces are already taken, and 3) there will be very little in financial aid, if students applied as US citizens or alien residents. If students decide to accept the waitlist acceptance offer, they will 1) inform their enrolled university (deposited by the May 1 deadline) that they will take a waitlist acceptance offer but they will not get their enrollment deposit back (usually $100 to $400), 2) and then deposit at their new university. Students will have to hurry up and get on fulfilling their checklist items to fully enroll at their new university, as they will have missed out on many deadlines or are very close to the others to come. In my 20+ years of experience, I've seen 3 students get accepted off the deferred list (from an early notification application), but I've NEVER seen a student yet get accepted from a waitlist. Just so you can manage your waitlist expectations, though.
https://bigfuture.collegeboard.org/plan-for-college/after-youve-applied/what-to-do-if-youre-waitlisted