<p>I'm thinking about takng a gap year next year and I have some questions regarding the financial aid in that situation. I'll really appreciate it if someone can clear it out for me. :)</p>
<p>First of all, if I get accepted and am offered a financial aid package by some school, is it correct to assume that I'll have to reapply for financial aid next year (before I really enter the school) and the package that really counts is the later one? </p>
<p>And what about any merit-base scholarship (assuming I'll get any, which I really doubt, but I'll ask anyways...)? Will I still get the scholarship when I enter the school?</p>
<p>Lastly, what will the schools do about the scholarships eraned outside? I know most schools count the private scholarships earned outside of school. So, will the scholarships I earn this year be counted toward the financial aid package or disregarded? </p>
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First of all, if I get accepted and am offered a financial aid package by some school, is it correct to assume that I'll have to reapply for financial aid next year (before I really enter the school) and the package that really counts is the later one?
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Yes you will have to reapply - you have to reapply for financial aid every year you are in college.</p>
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And what about any merit-base scholarship (assuming I'll get any, which I really doubt, but I'll ask anyways...)? Will I still get the scholarship when I enter the school?
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You would need to check the policy at the school and for individual scholarships. My daughter has a very good scholarship that is a combination of a State cash award and a university full tuition waiver award. She had to start school the fall after graduating or she would have lost it. Many freshman scholarships are limited in number so if you do not attend they may be awarded elsewhere. You need to ask.</p>
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Lastly, what will the schools do about the scholarships eraned outside? I know most schools count the private scholarships earned outside of school. So, will the scholarships I earn this year be counted toward the financial aid package or disregarded?
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No clue. Many scholarships are paid direct to the institution so if you are not enrolled you would need to check the rules on the scholarship (ie will they hold it and give it the next year). Any that are paid to you in cash - hmm - not sure - they would become taxable as they are not spent on tuition, fees or books so they would have to be reported on a tax return and would be on FAFSA as income. Other than that I don't know.</p>
<p>Ask the school if the answers will make a difference in your decision.</p>
<p>I think if you are accepted to a college but then defer for a year (you have to have good reason) all financial aid, scholarships etc. will still be there when you start the following year.</p>