I was surprised to learn at Northeastern University’s information session that after the first year financial aid package is determined they do not reassess finances for subsequent years - unless you specifically request it because your financial situation has worsened. Does anyone know which (if any) other colleges that do this?
There are only a handful of colleges that have a pledge to keep aid the same for all four years.
IIRC, Ohio University in Athens Ohio has something similar.
However, you must file the FAFSA every year and make satisfactory academic progress.
Most schools we talked to for both our kids told us once the amount is set that your getting if things pretty much stay the same then count on that for all 4 years
These were just ball parks and not guaranteed.
My daughter’s school didn’t decrease her aid even though our finances improved over the four years of FAFSAs. Whew!
I do wonder though, with your specific scenario of having 4 kids for year one in college, and then 1 kid in years 2/3/4 will be in a different category than more minor changes in your financial situation. It would be prudent to get in writing, anything that you might be relying on to fund kid 4 for those 3 years.
Miami of Ohio gives some merit and keeps costs the same for four years I believe.
Keep in mind Northeastern promise is based on need based financial aid. In Op’s Situation, the family most likely will not qualify for need based aid after year one.
https://studentfinance.northeastern.edu/applying-for-aid/undergraduate/the-northeastern-promise/
Here is the Northeastern Promise. Read it and then call the financial aid department if you have any questions.
To me, this reads that your institutional grant aid will stay the same. They will re-evaluate if you have a decrease in your financial ability to pay. There is nothing in this (that I see) that says you will lose aid if your ability to pay increases…BUT call the school and ask yourself. That really is the only way to know.
The Northeastern promise is that the school’s institutional ** need based aid ** won’t changed.
While Op will do CSS profile once, the school will view the FAFSA every year. What happens in year 2 when the SAR indicates that family has no financial need? Do you really think the family is still going to get need based aid ?
I am quite sure that Ops situation is an outlier as the family is applying when they will have 4 children in college. Northeastern probably won’t provide the same level of aid once there is one child in college.
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What happens in year 2 when the SAR indicates that family has no financial need? Do you really think the family is still going to get need based aid ?
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The institutional need based aid remains the same for all four years with the Northeastern Promise. The FAFSA would affect any federally funded aid.
But really…the only way to get this accurately answered is to call Northeastern…and ask them.
But to answer…yes…the Northeastern Promise promises NOT to reduce institutional need based aid in subsequent years…from all I can determine. But I don’t work at NEU. Institutional grant money would be the significant amount of need based aid.
So…the OP should call the financial aid department at NEU…and ask.
Too late to edit the above post…and I have no idea why it’s quoted as it is!! If you click on the “show previous quotes” it will show my whole response…basically saying…call the college and ask!
Hoping @PengsPhils the forum champion for NEU will post. He replied on this thread about this issue last year.
Read this thread too…
http://talk.qa.collegeconfidential.com/northeastern-university/1940543-northeastern-promise.html
BUT call the school and ask this question yourself!!
@sybbie719 The need-based aid will not decrease year to year, even if the need changes. Even will get an increase in proportion with COA. It’s certainly being used to attract families such as the one in OP’s situation, or even with just one kid in college. I can confirm this via myself and others I know.
The way they phrased it at the informational presentation was that even if you hit the lottery during year one, you will still pay the same amount for years 2, 3 and 4 unless you ask for a review of your financial situation.
Just spoke to my regional admissions person at NE who conferenced me into financial aid.
The promise is based on what Northeastern gives you as need based aid. You must maintain a 3.0 to keep your money. For example If the Northeastern grant is $25k a year you will receive the 25k all year as long as you maintain a B average.
You must file the fafsa for federal aid (PELL,SEOG, FWS and loans). Should there be a change in your federal aid, NE does not make up the difference with increased grant aid.
For example; let’s say that you are eligible for 3000 in PELL because you have multiple siblings in college. When it is just you, and you are no longer PELL eligible, Northeastern does not increase their grant by the lost PELL money. Example: year one (2 in college) 40k North eastern 3k PELL, 3k FWS, 1k in SEOG
Year 2 one in college(EFC no longer makes family PELL eligible) 40k NE grant (they do not increase their grant to offset the 7k loss in federal aid).
I have never heard of need-based aid that is tied to academic achievements or requirements. If you need a 3.0 to keep your money, by very definition it is not need-based aid.
That is what Northeastern said. They consider keeping a 3.0 satisfactory academic progress.
Even the Pell grant is subject to the “Satisfactory Academic Progress” qualification. Each school decides what that is. My brother lost his Pell for his GPA being in the toilet.
A 3.0 is not the threshhold for SAP, at least not at Northeastern.
For qualitative purposes, satisfactory academic progress requires a cumulative Grade Point Average (GPA) of 1.80 or better for students completing their first year at Northeastern and a 2.0 or better each year thereafter. Undergraduate student GPAs are reviewed annually after the spring semester to evaluate eligibility for federal, state, and institutional grants, scholarships, loans, and work programs.
https://studentfinance.northeastern.edu/policies-procedures/satisfactory-academic-progress/
Basically what you posted is the gpa you need to stay in school.
Northwestern can set whatever they feel is satisfactory academic progress when it comes to what you need to do to get ** their money**. The 3.0 is what you need to keep receiving the Northeastern grant. The school now has approx 5 years of data to determine what is working and what is not working as far as this program is concerned.
Personally it really is not onerous to get guaranteed money from Northeastern for 4 years. You need better than a B average to get admitted. They are just up front that you are not going to mess over their money. I know when I spoke to them this morning they stated that there will be changes with the class of 2020. Maybe the 3.0 is one of them.