<p>“Be wary of colleges that offer great packages first year…then terrible packages later.”</p>
<p>One way to be wary is to google for a school’s “common data set” and check entry H2i, “On average, the percentage of need that was met of students who were awarded any need-based aid.” If you see 100% you can relax.</p>
<p>However, I think word would get around (here, and in the press) about schools that offer such teaser FA packages. Doing so would also drive down graduation rates, a prized datum.</p>
<p>Actually Sally Rubenstone mentioned that too. I think all you can do is ask. I remember a site that had aid received by freshman and then returning students…I know things change in a family, but I think you could ask, would anything but a great increase or decrease in aid change my package…if I keep GPA’s up, salary steady, would I lose my grant/scholarship for any reason.
I can’t hurt, and keep any emails, etc. that state anything they say.</p>
<p>Besided the “bait and switch” some colleges do, this from Smart Money is good advice:</p>
<ol>
<li>“Thought freshman year was expensive? Wait till senior year.”</li>
</ol>
<p>Your kid just got her award letter and scored a large four-year grant covering most of her tuition, with a small loan for the rest. So you’re set, right? Not necessarily. Two problems can get in the way. First, the amount of federally subsidized loans a student can borrow typically increases slightly each year; as a result, the college may expand the loans it offers in subsequent years and downsize grants. Second, many parents and students assume that four-year merit-based awards will keep pace with tuition hikes. That’s not always the case. “Not all schools can afford to be that generous,” warns Willamette’s Hoban.</p>
<p>Nationwide, the average private college price tag jumped 4.4% for 2009-10 from the previous year with the average total cost for resident students at private colleges now just over $39,000. Assuming a steady 4% annual price increase and, say, $15,000 in aid each year, the $24,000 difference you paid on your student’s freshman year could grow to $29,000 by senior year.</p>
<p>If your child receives merit-based aid, ask whether the college can adjust it for tuition inflation. And, make sure your child maintains a top GPA; otherwise, they could lose their merit scholarship</p>
<p>D’s financial aid package from Tufts contained what we considered to be a significant amount of student loans … more than the standard $5500 Stafford limit for freshmen. They have some other loan sources so students can borrow more. D had to nix Tufts for that reason. Others may find it to be a good option - it depends on your individual circumstances. For us, other schools - including some that didn’t promise to meet need but did offer merit - were better financial options. The bottom line is: (Tuition+fees+room+board)-(scholarships+grants)=cost TO YOU. LOANS MUST BE REPAID!</p>