<p>I don't really understand how it works. In my letter, it said they gave me x amount of money. Now, is that for 2010-2011 only? Will they the same for the other three years? Will they even give me any more money in the next four years or they just give you a certain amount now and you're supposed to use it up during a four-year period?</p>
<p>The truth is, I don't know how financial aid works in general.</p>
<p>Your financial aid offer is extremely important. Presumably you are the first in your family to receive the type of package offered and you need to understand all its ramifications.</p>
<p>I strongly suggest you call the office of financial aid and discuss openly the offer in terms of your stated needs and different scenarios that may arise. Wouldn’t that offer you the confidence and peace of mind that only the source of the aid can give?</p>
<p>Colgate re-evaluates financial aid every year, since circumstances can often change significantly (parent loses their job or wins the lotto, etc). The package you see now is for your first year. Then each subsequent year, you will have to fill out and turn in the FAFSA, etc. and they will adjust your aid package if necessary. On the one hand it’s a pain to re-do, but it’s much better than locking you in to $X per year for four years in case things change and it’s no longer enough.</p>
<p>I would also suggest that you call the financial aid office and have them explain all the details of your aid package.</p>