What is binding admission?

QuestBridge -

Binding admission means that if a student is admitted to that school, that student is obligated to attend and must withdraw any applications to other colleges. If you receive a binding offer of admission through the Match, the admission comes with the Match Scholarship, a full scholarship covering the cost of attendance. The binding nature is in place to benefit both parties: the student is ensured the full scholarship, and the college is ensured that the student will attend. If a student reneges on a binding offer, other colleges may withhold or withdraw their admissions offers.

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