Thank you all for your helpful input! I think the stress of hearing back from schools is starting to get to me.. haha Thanks for allowing me to see the bigger picture. : )
As far as money goes, the thought of losing $650 from a deposit was a little scary, but it's relatively pocket change considering the total amount of money I'll be spending on tuition, fees, housing, etc. It'll especially be worth losing if I'm able to get a score a spot at my #1 school anyway!
Good luck to everyone hearing back this afternoon!