<p>dumb question i know. but say if a school gave a avg. financial aid package of 20k, would that be 20k per year (total 80k) or 5k per year (total 20k)</p>
<p>in most cases they will specify the time. Merit aid renews automatically if you meet their criteria. For need based aid you have to apply each year. It could change if your financial picture changes.</p>
<p>I think at most schools, merit aid is carried over if you haven't lost it (and they would inform you of that after a probationary period) but grants, etc. are reviewed. I'm waiting to see how our package is this year...I'm supposed to figure out what loans, etc. to take and I'm still waiting. If I want to do the 10 month payment plan again with Key Bank, I'll have to estimate and adjust later. I'm nervous because a few thousand more in income took away a good part of my son's grant last year, this year, it is a few thousand less....should go back, but I just know there are a few phone calls ahead.</p>
<p>In most cases, Merit aid renews via a specific criteria of GPA. However, you need to check the finaid award package and the school finaid website. Some schools require the filing of the FAFSA (and even the Profile) for continued aid, even merit. Been there, done that. If your package is need based, if your financial circumstances don't change too much, the package should be very close, but again....check with finaid. This varies too, especially when it comes to the awarding of institutional aid. For need based aid, you will usually need to complete the same forms as for your initial award. Call the schools to check.</p>