We are trying to evaluate financial aid offers from 2 different schools. Our financial contribution is $2000 difference between Muhlenberg and Bryn Mawr. Muhlenberg set it up as merit scholarship, whereas, Bryn Mawr used an institutional grant. My daughter’s first choice is Bryn Mawr.
She is not getting outside scholarships which I know can affect grant money. My question is: if our income changes from year to year, can the institutional grant change as well?
I’m worried about the grant going down not up.
If it is need based aid, you apply annually and the award for the following year can change if your income changes.
If it is merit aid, usually there is some provision for renewal, and it usually is a GPA requirement. merit aid is not tied to your income.
You need to find out the provisions for renewal for these two schools. It should be on your award letter for the merit award.
For a need based award, you apply annually.
Your best bet is to contact the schools to find out.
I know the merit aid is set yearly for 4 years maintaining GPA but I’m worried about the grant. I just went back to school and just finished my program and was planning on returning to work to help with school expenses. If the latter drops the amount of the grant then Muhlenberg and even Tulane (which came in higher) may make more sense.
Well of course it does. You have to reapply for financial aid every year because they are reassessing how much need you have. If you make $0 in 2014, your aid will be higher (and need greater) than if you make $40k in 2015. How much that need will change is up to the school. At some schools, if you make up to $65000, they feel you have full need. At others, every dollar is evaluated.
As stated above, grants are re-evaluated every year based on the FAFSA. So yes count on it changing each year.
How much it changes depends on a lot of things. The only things you can predict, and I use the term loosely, is the stability of your income and savings year to year and the number of kids you have in college.
I am sure there are other factors that he schools factor in as well. One thing for sure, count on it going down to some extent with each successive year. And, if it does go down, and you can’t figure out why, I would suggest you call the FA office for an explanation or to make an appeal based on some factual circumstance that may not have been properly considered.
Thank you everyone for clarifying what I thought was the case. My husband has a stable income but I have just completed a degree and am going back to work to help with the costs. It could substantial raise them depending on where she goes. I may have to do PRN instead of full time.
Aussie…income is income. If you work PRN, you will still have income.
If you are working full time, presumably you will be able to contribute more to your child’s college costs. You know, the college’s won’t take 100% of your income…you will still have some left even with an increased family contribution.
Count on grant going down if you make more money. It happened to me, same story, I went back to work full time to pay for college, and lost a $6000 grant. But, when my husband was unemployed for a few months the next year, they gave us $8000 more.