<p>I am looking at both private colleges for my son and also a good public college.</p>
<p>I have been reading some horror stories online about students who received very good FA their freshman year and then found out in subsequent years that either the aid was reduced or the cost of tuition had gone up significantly and the college did not increase aid to meet the increase.</p>
<p>That being the case, should a family that needs to rely on FA to send their student to a private college even bother applying to these?</p>
<p>Granted, a public college can have tuition increases, but with the high cost of private colleges, any decrease in aid could cause a student to have to transfer out.</p>
<p>Do the private colleges ever have actual guarantees that a scholarship or grant provided by the school itself will not be changed or rescinded as long as the student continues to meet their criteria for the award? Do any have any guarantees on keeping tuition increases per year to a set amount?</p>
<p>It seems like a tenuous circumstance unless there is some type of guarantee in place.</p>
<p>For NEED BASED AID: No, they do not guarantee that cost increases will only be a certain amount. NO they will not guarantee that your need based aid will be the same, or will include increases for costs. </p>
<p>You apply for need based aid annually, and your need based financial aid award is calculated annually. It is based on YOUR income and assets…so if those change, you will see a change in aid (even at schools that meet full need). Also, some schools have an income threshold for certain grant awards. If your income exceeds those, you will lose that award. Some schools have an income threshold for no loan students. </p>
<p>There are a small group of schools that offer a fixed price IF you can pay in advance. For example, a couple of years ago, Skidmore did this with enrolled students. But these were full pay enrolled students.</p>
<p>Every family should factor in a 3% to 5% increase in costs annually. At schools that meet full need, if your financial situation remains the same, you could see an increase in aid. At schools that do NOT meet full need, you might not see an increase in aid.</p>
<p>Another thing to consider…MOST schools assume a student contribution and this also increases annually.</p>
<p>FOR MERIT AID: most schools awarding merit aid will give you the length of time this will be awarded plus the GPA criteria for keeping the award. Unless,the award is for “tuition”, you will likely see no increase in a particular merit award. But if it is an award that is for something like full tuition, your actual amount of “aid” will match the new tuition award each year.</p>
<p>Have you run the NPC’s on each school’s website?</p>
<p>Are you self-employed? Does your child have a non-custodial parent?</p>
<p>Is your child applying to a couple of financial safeties? These are schools that you know for sure that you can afford thru either family funds and/or ASSURED merit scholarships?</p>
<p>My daughter’s merit scholarship for 80% tuition reduction was guaranteed for 4 years as long as she maintained a 3.5 GPA (her degree program demanded a higher GPA than that). With working as an RA, room and board was free, so her private school cost her very little.</p>
<p>emeraldkity4: Thanks-I am familiar with the idea of 100% need met and those are the main private colleges we are considering applying to other than the public. </p>
<p>thumper 1: thanks for the detailed response- the yearly cost increases are probably the most troubling aspect…</p>
<p>Erinsdad: I did look at Dayton and that’s a good find! We’ll be considering that one.</p>
<p>mom2collegekids: Yes I have run and am familiar with NPCs but they have no direct connection now to tuition increases or a decline in aid for future years. The financial safety is the public college I mentioned so that is the most likely candidate now. It’s a good school, I just wanted to have other options.</p>
<p>KKmama: That’s what I’m looking for. some “guarantees”. I understand that RA positions can be hard to come by though?</p>