Hi - we have heard from several families that schools often offer a second set of merit aid in late spring. So, their kid got a nice package, they were happy and decided to attend the school. And then as an unexpected bonus the school gave them even more money in the spring, unsolicited. Is that common?
That is extremely rare. It may happen at third tier schools that are falling short on their enrolment goals and are desperate to get students to enroll.
Is the merit guaranteed for four years? Otherwise it may be a bait and switch.
No - they had already accepted and enrolled. It happened to three families. All small, private LAC in midwest that are nowhere near third tier. They aren’t Ivy, still very well respected.
Small LAC’s can be struggling to maintain enrolment too. Again, is the merit aid guaranteed for 4 years?
I have no idea but I doubt it - I don’t think any merit is guaranteed for all 4 years is it? I was really surprised to hear. They are all small LACs (less than 3,000) so perhaps the enrollment is why. Wondering if anyone else had the same experience. This was for three different schools, too!
Many colleges guarantee merit aid for all 4 years, subject to a student maintaining a stated GPA, usually 3.0 but higher at some schools. There is a thread here on CC where people posted the minimum GPA requirements for merit renewal at various colleges.
Had they committed to the college before receiving the additional merit money?
Two out of the three, yes, I’m not sure about the third. I’m just digging into the merit aid threads (D is a rising senior) so I’m just trying to understand how it all works. I got excited thinking there may be an unanticipated “bonus.” It looks like I shouldn’t get too excited!
It’s not common.
Ok I got clarification. They received their initial merit package based on grades along with their acceptance. In the spring they got their final package that included need-based money - so it was really the need layered on top of academics. I told you I was new at this. 
OK. While some colleges announce merit and need based aid at the same time, many others do not.
It happened to my friend’s daughter around 10 years ago that she got a merit aid in mid summer right before freshmen year. For some schools, they may redistribute the leftover aids from students declined the admission on May 1.
Need-based aid is a different story. My D’s FA package got revised several times before she started freshmen. In one of the revision, the school replaced all loans with grant money.
The last family I know that got additional cash was based on a scholarship - she received a merit package with admissions, and then was automatically entered into an additional scholarship pool, which she received late spring. So it does sound like there could be new monies beyond the initial merit package but best not to count on it.
This happened when schools weren’t as strapped for money. Not so much now when budgets are very tight.
In grad school, DS received a rather large “bonus” in merit aid in May of his first year. The school,found they had extra merit money that had not been awarded, and he got it. It was a happy surprise! But that was 2008.
Except for the superendowed top 20 or so schools there really isn’t any new “money” for merit or need based grants. Merit and need grants are essentially discounts on tuition.
My D also got merit aid offered early and then was later offered a different (larger) award. We assumed it had been originally awarded to another student who eventually decided not to attend.
So when you receive your acceptance letter with cost/awards, it is not usually clear on all award fronts? For both merit and need? Isn’t it hard to make a decision without all of the financial information laid out at the same time?
The college will usually state on its website when need based aid will be awarded.
oh ok, thanks. so much to learn here!