Possible to retract my acceptance?

[kanamine]

Hello,

 

I applied to various Psy.D. programs and have been fortunate enough to get into three. I turned down the first offer, as I did not have a good experience while interviewing there. I received a second acceptance and accepted, because I truly like the program, faculty, etc. Imagine my dismay, when I discovered that their financial aid is horrific. It isn't the cost of program, which is very competitive for Psy.D. programs, but the university unnecessarily limits the amount of financial aid their doctoral students can receive. I was baffled. Had I not specifically inquired, I might have moved there thinking I could easily finance my education. Now, I've received a third offer from a school that I equally like, and they have confirmed that they will not limit my financial aid in the same way. Is is possible to tell the program I accepted "nevermind" and say "yes" to the third program? I realize this is very unprofessional and would be lying if I said I wasn't embarrassed. I appreciate any help on this matter, particularly if you have experienced something similar. Thank you in advance.

[avflinsch]

unprofessional - yes
can you do it - yes, but check any contract that you signed first - you may lose any sort of deposit you made

On the other hand it will open your slot for someone that was waitlisted.
 

[kanamine]

I'm glad to see your response. I haven't signed anything, fortunately. They never even confirmed that they received my acceptance, so maybe it is a sign. 

[Vene]

It's certainly not ideal to take back your acceptance, but I say do it. Finances matter. I think you could even say something to them to the effect of 'After reexamining my financial situation I regret to say that I will not be able to attend next year. I am deeply sorry, but I wish to withdraw from your program.'