<p>My son has received nearly all of his financial award packages. The scholarships clearly explain that he will be eligible to receive the money as long as he maintains a certain gpa which obviously varies by school. The schools that included grants in his packages do not explain if they are only good for the first year or not. I will contact the colleges directly, but was hoping someone would address this in the meantime. Thanks!</p>
<p>Grants are generally need based awards. Continuing to get them will depend on whether the family financial situation remains about the same. And whether the school is as generous with continuing students. My daughter’s grants have actually increased a little each year. But she is at a school that only give federal need based grants so she gets what her EFC makes her eligible for (got the SEOG year 2 which she did not in year 1, got the SMART year 3 which is for certain majors). Good idea to check with the schools about any institutional grants included in the package.</p>
<p>Scholarships are generally merit based. Usually carry hour and GPA requirements that it is important to be aware of. I was surprised at the students that had the same scholarship as my daughter and lost it the first year. They are certainly not kids that are any less able than my daughter, just got off to a more rocky start their freshman year.</p>
<p>Thanks so much! I intend to pose the questions to each institution, but I appreciate your quick response. :)</p>
<p>If you are getting a mixture of need-based grants and merit scholarships at any college, you need to make sure how they work in combination. Generally the scholarship money reduces your need-based award. Check with the schools.</p>
<p>Also, ask if the grants will be reduced as Stafford loans can be increased. Stafford loans can be higher for following school years…$5500 for frosh year, $6500 for soph year, $7500 for each junior and senior year.</p>
<p>standrews: Actually, he has received scholarships or grants from each of the schools. In other words, none of the schools have offered both, only one or the other. All of the schools have included Stafford loans (subsidized and subsidized), as well as work study. </p>
<p>Ahh, excellent point, mom2collegekids! I forgot about the Stafford loans increasing each year! Our older son was only eligible for the Stafford loans, the school he attended did not offer him any scholarships or grants.</p>
<p>Wow, I didn’t realize the Stafford loans have increased SO much. When my just graduated DD started, freshman were capped at $2650 (or $2560), soph at $3500, jun/sen at $5500 maybe.</p>
<p>Financial aid has increased pretty drastically the last couple of decades… that’s one reason educational costs have gone up so much faster than inflation.</p>