<p>Hi, I don't know if this is a stupid question but, does every college do financial aid reevaluation each year?</p>
<p>Every college does a reevaluation of need based financial aid EVERY year…yes.</p>
<p>For merit awards, there is usually a renewal provision based on GPA.</p>
<p>And to clarify further - your FA package can change from year to year depending on changes to your family’s income and assets. Generally speaking, the gift portion of aid - grant money that does not have to be repaid - goes down each year, and the self-help portion - student loans - goes up each year. That will be the case even if income/assets stay fairly constant. But if there is a big change - family goes from 2 kids in college to only 1, or nonworking parent returns to work thus increasing income, etc., - the package can change considerably.</p>