In a nutshell, we didn’t apply for financial aid (we pursued merit) once we realized that income + assets would not result in meaningful aid. But say that a kid gets accepted…pays the tuition…but in Year 2…or 3…or 4…the household finances change drastically. Can you then go in and fill out the forms and get the funds? Or are those funds allocated in Year 1 and they don’t have the resources to bring on unexpected existing students?
And, yes, i realize every school is different…but is there a ballpark answer to this?
You can always file the FAFSA form and see if you qualify for Pell or at least get the Stafford loans. Always. I think most schools would allow you to file for their financial aid, especially if there is a change in circumstances, but if this is important to you, make sure you ask if it is allowed before you accept.
If the school meets full need for all accepted students, and you are not an international student…I believe you can apply for institutional aid in subsequent years and you will receive it in the same way as for an incoming freshman at most of these schools. There are a few schools with restrictions on this…so you would need to check your specific colleges.
If the school does not meet full need, there is no guarantee that you will receive institutional need based aid…at all…ever, so getting it after the first year also would not be a slam dunk.
Any student who is a citizen or permanent resident can use the FAFSA to apply for federally funded need based aid in subsequent years. If you become Pell Grant eligible in subsequent years, your student will get the Pell.
And those same resident students would be eligible for the Direct Loan by completing a FAFSA.
The ballpark answer is yes, at most schools for institutional aid you can do as you describe. It’s a small minority of schools that have explicit policies that limit this practice. Bryn Mawr comes to mind, and at Colby if you don’t apply as an incoming freshman, the college generally won’t consider an institutional aid application until the student is a junior.
But remember…at schools that don’t guarantee to meet full need for all…applying for aid doesn not necessarily translate into getting aid…or getting enough aid. That is where YMMV.
Here is some anecdata: We did this, and got grants amounting to just over 50% of COA. It was senior year for that student, freshman for the younger sibling. Our one really bad income year matched up with our one 2 in college year. That was the only year we applied for aid.
Momof…apps ample of one here. Our kiddo went to a college that does not meet full need. When his sister was a freshman, he was a senior. He applied for aid (only had done FAFSA in intermediate years for loan purposes…he had a merit award…profile and FAFSA required freshman year…And if financial circumstances change).
So…he applied senior year, because with two in college, our financial picture certainly changed. He got $250 in institutional grant money…not even a subsidized portion to his loan. Woohoo.
our situation is that our job situation is great now…and may not be later…and also that a 2nd child will be in college starting with 1st child starting junior year…
To be on the safe side, I would directly contact the financial aid offices of schools that your kids are thinking of attending and ask this question. FA policies are not always placed on the school’s website for all to see…
I can’t remember which school it was (I was researching it for a similar question on this board a year or so ago), but it was stated that after freshman year, those who had not received financial aid in the first year could only qualify for aid if there was an INVOLUNTARY change in financial circumstance. So if you are planning to retire or change jobs for a lesser paying position, that could create a problem. Again, check with the financial aid department of the schools that you are considering.