Here is a quick fact/checklist for wait list
-- April 1st is the first National Acceptance Report where every school can see where you have been accepted. It does not report WL or where you have applied.
--April 30th is the acceptance deadline date set by the AAMC traffic rules.
--Prior to April 30th, schools should give you two weeks to decide before requiring refundable deposit.
--After April 30, they need to give you 5 days, dropping to 2 days if within 30 days of that school's orientation.
--Most schools follow the 5 day rule post April 30th. That is, if you get a offer April 28th, expect May 5th to be expected reply to school
--You may hold as many waitlists as you want and can change without deposit penalty
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No school is required to give you Financial Aid info prior to your decision. Several schools I have dealt with will not produce Financial Aid until you have given a decision (why work on something that may not be needed)
--If you call a school (or both schools if having two offers) you can ask if they will hold until Financial Aid is ready but you have to call both.
--If you get a waitlist acceptance after April 30, the new school has to inform the existing school prior to informing you
--If you get a waitlist acceptance, the 5 day rule applies to both old and new school. Do not assume you have safe acceptance without acting
--So while all these rules are in place, most schools do not rush to enforce them However, they can and your acceptance can be rescinded without recourse
--You can always call
both schools to ask if any questions, concerns, or requests for additional decision time. Doesnt hurt to ask
The AAMC Application and Acceptance Protocols - Admission Officers