<p>Are any of the other parents nervous about their children accepting financial aid that is a grant from the school - not a scholarship that renews each year as long as they meet the GPA and good standing- but a grant. My daughter has received some school grants to attend - but each year they are reviewed with the FAFSA and the college’s ability to give the same amount. I am nervous to accept this- are they just getting students in the door - and then they will have to come up with additional funds the next few years?</p>
<p>I am worried too! As the reality of the expenses is sinking in, my husband is going to try and work overtime, but any of this extra money will be put toward trying to meet our current EFC. But the extra income will affect next year’s grants and increase next year’s EFC! What will we do then to meet the higher EFC/lower grant $?! It seems like a viscious circle and maybe it’s not worth the time and stress of trying to earn a little extra money to meet the current EFC and take loans instead?!! I have never been so stressed and unsure because of this whole process…</p>
<p>It is a good idea for you to discuss this with the financial aid offices. Some institutions practice “front-loading” of grants, which means that the relative proportion of aid in the form of loans increases each year. There is a nice publication on financial aid that includes a check-list of questions for parents to ask at <a href=“Your Guide for College Financial Aid - Finaid”>Your Guide for College Financial Aid - Finaid; The check-list is on Page 3.</p>
<p>Yes, just talk with the school about how it works in future years. Even ask about your husband working overtime to meet your EFC and how you might expect that to change your financial aid in later years.</p>
<p>I had a similar question with my son. I had not been working before my kids went to college, so of course I wanted to get some work to help with costs once they left. My part time job did end up affecting our EFC, but not dollar-for-dollar. We were still ahead with the extra earnings of where we would have been without it.</p>
<p>My kids will be seniors in college next year, so I just submitted the last of all my financial aid applications, documents, etc. Whew. It has been a little stressful each year hoping things would work out again, but it always has. While I think you should definitely have a conversation with the college’s FA office, I don’t think schools are really trying to pull a fast one and just get kids in the door. That wouldn’t be good for them either. Ask all the questions you can, and then if you get good answers, you just need to trust the process. Income and things will change sometimes, financial aid policies will change sometimes, but in the end when one is tied to the other, you probably won’t ever get any huge shocks. Changes are incremental.</p>
<p>Thank you! That is very helpful. Do you suggest emailing a list of questions or speaking with someone from the financial aid office directly?</p>