No, based on what you write, you are *not* entitled to refund. You were told the deposit was non-refundable: a non-refundable deposit must only be refunded if the *school* violated its obligations. But if the cause of your non-admission was anything other than the school's fault--which includes financial aid situations which were not the business school's doing, even if they also were not your fault--then they can keep the deposit.