Aid past Frosh year?

thumper1
Sun, 05 Dec 2004 10:05:50 +0000

It depends. At many schools, need based aid is “adjusted” each year, and there is no predicting whether the grant/loan ratio will change from year to year. If your child receives merit aid, that is usually tied to keeping a specific GPA, and there are usually guidelines as to whether the amount is renewable for all subsequent years. For example, DS receives merit aid that is tied to a GPA standard that is renewable for four years. This was clearly stated in his finaid package. We have to file the FAFSA every year, but that is a formality assuming he attains the GPA needed for renewal. BUT when DD enters college, it is possible that our family will qualify for a small amount of need based aid as well (and likely this will be in the form of loans given our income…but you never know!!). When that happens, we will complete finaid forms for BOTH kids and likely both will get something. IF DD (the younger one) gets any grants, for example, as part of her need based package, it is VERY likely that she will no longer even qualify for them once big brother is no longer a college student. ALSO…schools who “gap” their students in need based finaid awards (don’t meet the full cost of attendance minus the EFC) very often reduce finaid in subsequent subsequent years, or increase loan amounts as part of the package. And as Sybbie pointed out…in subsequent years, the student contribution is expected to increase as well.