I initially assumed YES DEFINITELY, but apparently that’s not always the case.
If a student is offered a certain amount of need-based institutional grant from a college as part of a financial aid package, will colleges guarantee that amount for all four years, even if the family’s income increases?
Here’s our family’s situation:
DS is a rising senior. We’ve run the NPCs for many schools. Based on our 2019 family income, it looks like we would qualify for institutional grants averaging about $30k, bringing the COA for private colleges down to around $40k. However, our income will increase for 2020, and likely continue to increase for the next few years. Additionally, DS will likely do co-ops or internships, adding even more to our family’s income(and since it would be his income, not ours, this would be a larger impact on financial aid).
My question is - will the additional income in future years(while DS is in college) reduce the financial need-based institutional grant that we would receive?
My initial thought was YES - I thought that colleges would recalculate need-based grants each year, based on updated FAFSA and CSS Profile, which could potentially reduce our need-based grant substantially. But I was very surprised to find out that both Northeastern and Drexel guarantee that the student will receive the same grant each year, regardless of increase in income. Is this common? Is there a way to find this information out, without emailing each school individually ?