<p>Do colleges take away financial aid after the first year? Does it depend on grades?</p>
<p>There are two types of financial aid: merit and need-based. Merit scholarships have their own requirements; they may be for one year or multiple years, they may have grade or majors requirements, etc. Make sure you understand the conditions of any scholarships offered to you.</p>
<p>Need-based aid, on the other hand, generally requires only financial need, not grades. Financial need is determined every year and can change from year to year if your financial circumstances change.</p>
<p>Yes. Both merit based and need based can be taken away (low grades, getting caught doing things you shouldn’t do, etc). It is harder for need based aid to be taken away than merit based, but they can both be taken away, and both do carry GPA requirements (merit based is usually a 3.0 or higher GPA, need based is usually a 2.0 or higher, key word is usually).</p>
<p>The colleges can also shift your need based aid from grants to more loans.</p>
<p>If your family’s income/assets/# in household/# in college changes, aid eligibility can be affected. You may no longer be eligible for what you had received in the past as a result. </p>
<p>Because some of the money that is awarded is from a pool given to be distributed to the neediest students, grants can vary from year to year not just based on your own situation … but also based on the situation of others and the amount the school is given to work with. </p>
<p>A VERY important note: Students must make satisfactory academic progress (as defined by their school within the guidelines of federal regulations) in order to continue receiving aid. Federal aid CANNOT be given to students who have not achieved SAP. If you are in danger of losing aid due to SAP, make sure you contact the appropriate person at your school about appeals, reinstatement rules, etc.</p>
<p>Ivy league school only give need based grants right?</p>
<p>^^ I believe so. If you accepted to an IVY, there isn’t much difference in merit worthiness between students.</p>