I have run the NPCs on the dozen or so colleges my incoming HS junior is looking at. Early, I know. Interesting differences between the costs of public and private (minus any future merit) but there is my dilemma.
I know what I can spend, and the publics offer less aid but it seems pretty straightforward. The cost will rise, like anything else, but there seem to be no surprises. With the privates, the aid is more but I am concerned that she will get lured in freshman year with great aid that will disappear sophomore and junior year. Her senior year her younger sister is in college which changes the dynamic as well.
I understand aid is not final until the college says so but … any experiences with aid diminishing greatly (with no family changes) after freshman year? Call me paranoid, but I don’t want to get into a situation where aid is great the first year and then, after you have been emotionally and financially invested for a year, it diminishes greatly.
The norm is for colleges to keep the aid level consistent for all 4 years, assuming that the family provides financial documentation each year of similar financial circumstances.
Colleges get dinged in the rankings if students don’t graduate within a certain number of years. Therefore, it’s in a college’s interest to ensure families can continue to afford it.
As noted…you will apply annually for need based aid. Your awards each year will be based on the applications for THAT academic year only. In most cases, schools do try to keep need based aid at the same level IF your financial circumstances remain the same.
BUT most colleges have cost increases annually of maybe even 5% per year. Unless your kid’s college meets full need, it is very possible, even likely, that the costs will increase and the aid will not.
@bearcatfan. My D was offered a very good (and unexpected) package from her school. Because it was so good I made the 5 hour trip to meet with financial aid in person to make sure there was no mistake, lol. They assured me that bar any lottery winnings the aid would stay essentially the same each year assuming income stayed about the same. We were a bit nervous going in but can happily report that the 2016-2017 financial award arrived yesterday and was comparable to her freshman year.
If part of the financial aid award is merit aid, be sure you understand the gpa or other requirements to keep the merit award. There are some schools that make it difficult to keep the awards.
When you have two students in college, it may only help if you are receiving need based aid from the fed government t, or if the school gives it’s own need based aid.
@thumper1, is it my understanding that with prior/prior for both fafsa and profile that the awards should remain the same at least for the next two years? This would at least provide some security for families worrying about a big chance in award. I, for one, am hoping that this years’ award stays the same for D’s junior year and then we only have to consider the final year tuition.
Re: awards staying the same…I would agree that the 2016-2017 and 2017-2018 school years should look similar…except…that cost increase could mean more out of pocket costs for the family if the school doesn’t meet full need.
In addition, many schools (including the schools that meet full need) increase their STUDENT contribution as the student progresses through college. If thismismthencase at your kid’s school…your need based aid could actually go down.
Because all of us have rising seniors will be the first group of students attending college under both the new sat and prior prior these were the 2 top questions.
What we found was that many schools have not come to a definitive decision on how either will affect the Hs graduating class of 2017.
I know that in NYS @SUNY, they will be asking for additional information to package financial aid especially when it comes to EOP.
I have heard this same information when it comes to HEOP because schools will still want the most accurate picture of a family’s finances they can get.
For returning students, barring any major income fluctuations; job loss death of a wage earner, catastrophic illness, etc. there should not be any major changes in aid.
One of the goals of prior prior is to get aid packages out to families sooner. Most of the college meetings I went to state that packed won’t come out it until January 2018