This is a hypothetical question, but how often does a financial aid package decrease significantly over a four year period. Say student is given a 15K merit scholarship and and 15K grant at a LAC. The merit scholarship is guaranteed over four years, but what are the chances the grant disappears?
Many schools will decrease the aid package somewhat after freshman year, as they believe that a student should be taking on more of the cost of their education as they become upperclassmen. They also take advantage of the increase in Direct loan amounts and the student might get more in that respect too. That is often built into the formula. If family income goes up, the aid will certainly be cut. You only get the fin aid as long as your family qualifies by formula.
But as a general rule, the schools hold pretty true to that freshman package if the income/asset numbers stay the same. The problems is that the school costs tend to increase and the awards often do not go up (as I said, they do tend to go down slightly for upperclassmen as a matter of course) in many cases. At some schools, living on campus and going off the meal plan can mitigate some of those increases though that can also backfire. But in our personal situations where our kids went the sophomore year campus housing route, those options were pricier than the freshman doubles which with the increase in tution, hit us where it hurt since we had gone for the most expensive option in terms of what we said we would pay. No leeway and the cost went up, not to mention, things happen (glasses break, emergency dental, medical care, need to come home, etc).
^^^^^^ Ditto what cpt said, plus it would be a good idea to research and determine the school’s reputation re: “frontloading,” i.e., the practice of luring freshmen with a good package and then cutting it in subsequent years despite no material changes in income or circumstances. Not many schools would do this, but some do have that reputation. Also worth calling the FA office and ask about the policies and likelihood of getting the same package in years 2-4. Remember that at many schools, additional scholarships become available to upperclassmen and costs can actually come down. Good internships can also help.
Common data sets would show this. IT gives fin aid %s and numbers for freshmen and then for all students. If there is a wide disparity, there is a problem. I don’t see this, in fact, never have, but then I wasn’t looking for it.
Yes, CDS gives numbers for freshmen and for all attending students. This would be a good place to research the issue.
Note however, if you have 2 (or more) kids in college and one eventually --God willing–graduates your financial will decrease dramatically. One needs to think about these things at the beginning.
@CoMoMom, that’s going to be an issue when S2 starts (they’re 2 years apart). The merit aid will probably be more crucial for him.
My 2 Ds are 4 years apart. I don’t know if it is better or worse. My total out of pocket cost would be higher than having 2 kids overlapping in college.