My daughter has been accepted at 10 of the nation’s top schools, including 5 Ivies, and we’re now studying the financial aid packages carefully. In one case, we used excellent deals from 2 of the top Ivies to leverage a better package from a 3rd. So far, so good. But I’d like to hear from parents/students who have gone through 2 or more years of financial aid. Specifically: does your college treat the first year’s package as a benchmark or baseline, providing the same level of support year to year as long the family’s circumstances remain the same, or do they wipe the slate clean and you have to start from scratch every year? Have people experienced nasty surprises in the sophomore and subsequent years, after committing to the college because of a good initial package? Are some colleges better on this than others? My daughter’s choices will probably come down to Harvard, Yale or Princeton, so any particular experiences with those schools would be highly appreciated. Thanks in advance!
Does she qualify for need based aid? Will youR income increase each year or will a sibling graduate?
If she’s getting FA offers from Ivies, she qualifies for need based aid. Generally, the top schools will maintain a consistent level of aid as long as family financials remain consistent, but you will need to reapply for aid every year.
Yes, if the household finances change (including if your income tends to fluctuate), that can result in a much different financial aid offer. This includes siblings starting or finishing college.
Same circumstances should get same aid except in the case where you have asked them to meet another school offer. Our large aid was. I wouldn’t ask a school to do that unless that is the top pick and you are ready to commit to it. But I think you need a side letter that the aid will be the same if your circumstances are the same, otherwise it could revert to the original formula in later years.
Those Ivies give need based aid only. There is no “benchmark” year. You will be applying annually for aid. If your income increases enough, your need based aid will go down.
So…no guarantee that a school will continue to pay extra in subsequent years…no schools to “match” the award to. Your aid will be based on what the school computes you can pay based on the financials you submit for each subsequent year.
No, there is no “bait and switch” - but I’d agree to be cautious about the school that increased its award. Ask how they’ll calculate the award in future years.