Question: Will I lose my spot at a college if I don't respond and send in my enrollment by May 1st? I'm still waiting to hear back from other schools, but I want to make sure I won't lose my spot at one of my top choices.
Yes, it is very possible that you will lose your spot if you don't respond by the May 1st deadline.
If, by May 1, you are not ready to make a commitment (e.g., you are on a waitlist at another college or are appealing a financial aid package), you must still confirm your place somewhere by the deadline or risk forfeiting it.
Some colleges will give extensions beyond the May 1 deadline, but these are fairly rare, and--if you do make such a request and it is granted--make sure you get this confirmation in writing (e-mail counts).