I’m a student from a poor background who is going to rely on private school grant money to get through college. My schools have hefty grant offers now, as I’m applying as a freshman, but I’m worried that they’ll stop paying for me as an upperclassman or even a sophomore. Is this a common practice among colleges and universities? Are there any that are notorious for doing something like this? I feel like I’d need to start planning for it now if that’s the case, and it would definitely affect where I choose to attend.
The typical practice is for schools to continue the same level of FA every year, contingent upon your family filling out the financial aid forms EVERY year, and contingent upon the student completing some threshold number of course credits every semester. Schools do not want to lose their enrolled students because of affordability.
FA level can change if there is a MAJOR change in your family circumstances or income level (e.g., parents divorce; parents inherit a million dollars; another child in the family; parents lose job; etc).
Keep in mind that tuition/fees may increase slightly every year. Some schools adjust the FA accordingly, and some do not.
Also if a sibling is in college with you at the same time now and then graduates, you aid will most likely be less.
Merit scholarships that are not need based should not change if the required GPA is achieved.
Did you receive any major merit scholarships that would make a school affordable?
@mommdc I did, it was awarded automatically but it looks like it’s renewable given a certain standard of academic achievement. @GMTplus7 That’s a relief! It makes sense that they’d want to keep their students. I’ll look into whether my schools account for a change in tuition in their FA package.
Schools that meet 100% of need do account for a change in tuition (and other costs) in the FA package. The aid provided is based on the following formula:
COA - EFC = FA awarded.
If your EFC stays the same and COA increases, your FA package will increase.
Be careful about the level of academic achievement needed to keep your merit scholarships. GPAs m that seem reasonable based on your HS experience may be hard to maintain in college, especially for STEM majors.
Also, is your college a 100% need college?
(It’d help if you listed the colleges, actually: a 100% need college gives you the same amount in grants and scholarships every year. Some stingy colleges that don’t meet need don’t care and may change it, such as NYU.)
All in all though your freshman award is a good representation of your financial aid package at a given school.
Some top applicants go off the deep end partying in college and fail to meet even a 3.0 minimum GPA to retain merit awards.
A 3.0 can be legitimately hard to maintain if you’re an engineering/cs major and going to a school known for grade deflation. I’ve seen many friends not at all in the partying scene lose scholarships.
Some schools have higher GPAs – I have seen 3.3 and 3.5 discussed out here, and with engineering majors.
I know UGA has a huge scholarship & development program for underrepresented engineering majors that requires a 3.5. More than half the awarded freshman class have already dropped the program.
It is worth having a detailed conversation with each school on your list. Explain your financial situation, and family composition, and anticipated changes over the next 4 years (siblings graduating, etc.). Tell them you understand that if your parents hit Powerball you know your need-based aid would change, but ask them how they treat an older sibling remaining a dependent of your parents while in grad school (some only count students in UG or HS or below in family size, others don’t). Ask them how they treat tuition increases - does the need based aid cover it? You understand nothing is set in stone, but they should be able to give you an idea, all things being equal.
Some schools may expect a higher summer income contribution for upperclassmen. Some might typically offer different combinations of loans/grants as you get closer to graduation. Work-study options may be more commonly offered / available to upperclassmen at some schools.
Another thing to ask about is the percentage of students who graduate in 4 years - if there is a chance/likelihood you won’t finish in 4 years, what happens to your financial aid in the 9th semester, or 5th year? Lots of unexpected things can happen to derail your 4 year plan, and some schools are way better than others at getting you back on track.
Also, some have different COA for upperclassmen - things like housing costs for freshman may be in different dorms, or have different meal plan options. Others may charge more for some majors than others. So it is important to think about the typical 4-year net cost of all of your options. If you explain this to the FA departments, they will usually explain that you have to apply for FA each year, but most will understand and be happy to help.