<p>latindad – most schools require you to resubmit your financial info each year and the new award is adjusted, depending on what has changed (in 4 years, you might earn more money or come into an inheritance).</p>
<p>Whether you get the same FA award the following year depends on the school. I know that NMH states that they award the same amount the following years if earnings/assets don’t change significantly. I do know that this year, they stated that the increase in cost of tuition would be split between the parents and schools.<br>
So – if you got an award for $20,000 for the first year and you had no real change in assets/income and the cost of the school went up $4000, your award for the second year would be $22,000 – and your costs, as a parent for the second year would be $2000 more than for the first year.</p>
<p>Hopefully that made sense – this is something to ask the schools after acceptance letters, we certainly did. We were told by NMH that the amount awarded to a student is set in the budget for 4 years – so that money is already allocated. I don’t know how other schools do this.</p>