Package - $200 deposit, pay in full 45 days in advance, penalties for cancelling are higher.
Room only - one night's deposit, no penalty if cancelled before 5 days of arrival, one night's penalty for cancelling within 5 days of arrival, payment in full on check in.
The benefits of a package never outweighed the risks of cancellation to me. I don't do the dining plan, so I only book room only reservations and get my tickets at a discount from
Undercover Tourist!