Are financial aid packages for only the first year?

Paying for College
1

Hello Everyone,

I am a transfer student who was recently accepted to and awarded a very generous financial aid package from a top state university. I am wondering if when these packages are offered, it is assumed to be for the remainder of the students education at that college, or if it is only for the first year? The aid is in the form of a school grant.

My second question is, if I received outside scholarships, would my grant be reduced? or more likely any loans I may have to take out?

I realize there is no definitive answer as each case is unique, but are there probabilities of one thing happening more than a the next?

Thank you very much

2

"it is only for the first year "
YES. you have to reapply for FA each year.
“if I received outside scholarships, would my grant be reduced?”
most probably.

outside scholarship $ usually replaces grant $ first.

3

Alright, well this sure isn’t what I wanted to hear, haha. I’m transferring to Chapel Hill, any ideas on what their policy is?

http://studentaid.unc.edu/types-of-aid/outside-scholarships-and-resources/

This looks promising regarding the outside scholarships. But what about the grants I’m receiving? I don’t know if I’m comfortable knowing my school could pull aid next year and I would be stuck with a 33k tuition bill. Does this happen often, or only typically if a student’s grades slip?

thank you

4

Some schools replace student loans and work study first when outside scholarships are received by the student.

For example, UNC-CH says in http://studentaid.unc.edu/faqs/general-faqs/#Q17 :

5

“They can affect a student’s aid eligibility, so they must be reported to the Office of Scholarships and Student Aid. Outside scholarships help meet a student’s college costs, so we are required take these awards into account when determining eligibility for other aid programs.”

otherwise known as grants or loans

honey, the truth is that the college will in all likelihood substitute any outside scholarships for your grants / scholarships.

there are very few colleges that will allow you to “stack” scholarships.

6

UNC-CH is one of the few public universities that meet 100% demonstrated need. As long as your/parents income and assets remain relatively the same, you can expect a similarl financial aid package.

Regarding outside scholarships;

You can use your outside scholarship to purchase books, supplies and you can ask for the one time purchase of a computer. UNC-CH’s policy is first to remove the self help portion first. This means they will reduce your liana and or any federal work study (U.S. As posted in post #3). If after reducing you loans/ work study they will reduce their own institutional grants.

7

You are at UNC-CH…a very generous public university. Sybbie’s post summed it up well.

I think she means that any outside scholarship will reduce your self help first…usually starting with loans, and work study.

8

Same at UMich, they reduce the loan and workstudy first if there are scholarships.