<p>Thumper is absolutely correct. Where you are today, may not be where you will be in the next year or 4 years. You can’t cover every contingency, but you can look at some things that you know are coming up, like another student in college or one coming out.</p>
<p>In my experience, my kids who got sizeable merit awards had something the schools wanted, high SAT score, a national athlete, etc. We don’t qualify for financial aid, so it all has to be merit money. Though one son did get what we called, tuiiton discounts, they were not very big at all. My other son who did not have anything that could garner merit money, did not get a dime from the same schools that gave his high scoring brother some very nice merit money. In most of the schools, the financial aid office was separate from admissions and admissions gave the merit money out whereas Fin Aid gave out the need based awards. Those I know who got both, did get their aid reduced by the merit.</p>
<p>Some schools do have scholarships departmental for upperclassmen. I would not count on those. First, what is in place now might evaporate by the time your kid is even a sophomore. And while these are available, NOT EVERY student is selected to receive them. It is like students who assume they can become RAs as upperclassmen. Again, not EVERYONE gets those jobs. Even with merit aid, families should be very aware that costs of attendance will likely increase each year. In many cases, the merit award does not, leaving you with more to pay. </p>
<p>When you KNOW you will have multiple kids in college, or one less in college, it is very important to factor this extra cost into your FOUR year
college financing plan for each student.</p>
<p>Well, every scholarship our kids have gotten are renewable for 4 years with pretty reasonable GPA’s to maintain–2.5-3.0. We won’t get any financial aid so not counting on that. I’m really not worried that the money will evaporate unless the kids suddenly start slacking off and not working hard in school, which, if that does happen, they can move their butts home and get a job…</p>