Can I Withdraw from a College Commitment After Waitlist Acceptance from Another?

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Back in January, I was accepted at the University of North Carolina and put on a waitlist at Georgia Tech. UNC was my first choice, so I sent a deposit and enrolled for housing and everything. This was before the coronavirus situation blew up. I just learned I have been admitted off the waitlist at Georgia Tech. I live in Georgia and so the cost of GT is much lower than UNC would be. My parents now want me to commit to GT because of the financial situation with everything going on right now. Is there an issue with me pulling my UNC commitment at this point? Or are they used to this with waitlist acceptances? Not sure of the ethics or legality involved here.

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