Presumably, if waitlist movement isn't expected until July, then their FT seats are full now, and movement won't happen until students who sent in their deposit withdraw from American to go to a school they were waitlisted on.
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I'll have to check to make sure, but I think the second deposit is due on June 1 for non-waitlist folks.
I have a 3.6 157 and was offered $8,000 in merit aid.
As odd as this sounds, I'm kind of glad I'll be farther away as it will allow me to focus more on school work without feeling guilty for not spending time together.