<p>I understand that financial aid might vary somewhat each year because of changes in a family's financial situation. However, how common is it for "real" aid (grants and scholarships) to be reduced after the freshman year? One of our concerns is our child receiving a good financial aid package for freshman year since that will be a factor in where she attends -- but then seeing major reductions in aid the following years, after she is "hooked." Is this common?</p>
<p>Usaually after the first year the amount of self-help aid (student summer work and student loans). First year subsidized loan the maximum amount is $2625, 2nd year $3500, third year until completion of degree $5500</p>
<p>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.</p>
<p>The amount of financial aid will be a major factor in my child's decision of which college to attend. Are most finacial aid officers pretty straight about giving an accurate picture of what to expect in future years, based on the freshman offer?</p>
<br>
<blockquote> <p>Are most finacial aid officers pretty straight about giving an accurate picture of what to expect in future years, based on the freshman offer?>></p> </blockquote>
<br>
<p>They can be for merit aid. I'm not sure how well they can predict the need based awards. And I'm also not sure they would be able to tell you that anyway. BUT aren't there statistics somewhere about aid students receive as upperclassmen?</p>
<p>Need based awards will change according to your financial situation. If some one loses a job or has a major illness that is eating away at the family's income then your need will be greater. If you hit the lottery, then you will not have the same finanicial need.</p>
<p>Most of your schools financial aif pages will tell you the minimum and maximum subsidized loan amounts becasue they are pretty much the same where ever you go.</p>