Thank you guys very much for the input!
I understand what most of you are saying, in did I though of all that. I usually don't have the approach of "... it won't happen to me...".
In this case, what is the school's position about this? I will ask them these questions and try to have the answer in writing before handing out this sort of money.
In addition to the credit card protection isn't there any consumer protection mechanism? You are paying for a product or service. If for any reason you don't get the service or product should't you get a refund?
I am sorry to let this subject run for such a long time but I can't resist saving half a grand.
Thanks
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TheNavigator