<p>I have heard numerous stories about super-attractive finaid packages some colleges offer to freshmen to "lure" them in ... only to harshly diminish the amount of aid for consequent years. Sometimes, it happens if the family financial situation slightly changes ... but the changes in finaid that follow are by no means "slight". :( Does it mean that it's better not to try and change even slightly your family income during those 4 years while the child is in that school on a good finaid? Or do finaid changes tend to happen (to the worse) even though no changes of family income happen? Does it mean that families who can't pay the full price should avoid colleges without merit aid altogether?</p>
<p>I don't have a real good answer for you, but hope someone else can answer your question well...</p>
<p>I have heard some people (a few) say that subsequent years of fin aid was not as good - by all means, I don't think that is the majority. Since loan amounts allowed (like Stafford) do increase with each year, I wouldn't doubt that there is where some of the aid goes. I would say that you should definitely put this question on the list of any college you go to visit. Ask anyone - tour guides, etc. Again, I would hope most respectible colleges would give you a decently honest response.</p>
<p>You have to reapply each year for financial aid, [ though usually not for merit aid] so any change in parent income can have an effect on the amount of finfncial aid $ received. If there is any question in your mind about financial aid at a college, then contact the financial aid dept and ask them specific questions-are merit scholarships for 4 years or just 1? are grants $$ replaced with loans after the freshman year? How much can you expect aid to go up if tuition increases? and how will the increase be funded- with loans or grants? You should get an idea of your EFC before you give the OK to apply to colleges that are not known to be generous with financial aid $$, or those colleges whose financial aid is largely offered through loans, rather than grants. Above all else, if there is any question of not being able to afford a college, do not allow your D to apply ED !</p>
<p>My income decreased between year one and year two because of a change in jobs...my D's FA went up...both the need based grant and the federal loan
but I did have to send a lot of extra documentation to prove it.</p>
<p>After DD was accepted at various schools and awarded finaid packages I called the finaid offices and asked about their policy for second , third, and fourth year students - specifically did grants revert to loans. In all cases they were able to tell me how aid would be awarded in future years based on relatively same EFCs.</p>
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<p>or those colleges whose financial aid is largely offered through loans, rather than grants</p>
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<p>And where to obtain such information about colleges?</p>
<p>The collegeboard lists this information for each college - here for example is the financial aid information for Dartmouth:
<a href="http://collegesearch.collegeboard.com/search/CollegeDetail.jsp?collegeId=3300&profileId=2%5B/url%5D">http://collegesearch.collegeboard.com/search/CollegeDetail.jsp?collegeId=3300&profileId=2</a>
or you can look at the data sets for each college- here once again is the most recent data set for Dartmouth- you have to scroll down to get the part about financial aid:
<a href="http://www.dartmouth.edu/%7Eoir/pdfs/cds2006-2007.pdf%5B/url%5D">http://www.dartmouth.edu/~oir/pdfs/cds2006-2007.pdf</a>,
or you can contact the financial aid offices at each college your D is considering.</p>
<p>This is not an issue at many of the top schools. Harvard for instance has been absolutely consistent from year to year, even improving aid in later years even though family finances have been consistent or gone up by at least cost of living increases. I think you have to look at individual schools and their track record. Polling CC or other sources for first hand experiences is probably prudent.</p>
<p>Well if your school promises to meet 100% of your need then at least you'll have the security of knowing that your efc will always be the most your family has to contribute (+your student contribution).</p>
<p>Not true, you or your family may also being paying back a large amount in loans. Loans are considered to be meeting EFC by every school.</p>
<p>Yes, but there are wide variations in the amount of loan. For example, NYU claimed it met EFC but that was with very large loans. Several other schools really did leave us with our EFC to pay (w/either no or small loans).</p>
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<p>Several other schools really did leave us with our EFC to pay </p>
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<p>Which ones? ;)</p>
<p>These were LACs with strong endowments and financial aid track records.</p>
<p>A question that MUST be asked of finaid officers before matriculating to that college: "Will my package details remain the same over four years if our income stays relatively the same."</p>
<p>Two LACs said that the package would be adjusted to reflect increasing costs (tuition and room and board), and changes in annual income and assets.</p>