<p>Does anyone have any experience with this. My son is deciding between Northwestern and Carnegie Mellon. Northwestern has given us about $5,000 more in aid. If Carnegie Mellon matches this offer (which I think they will), what happens for my son's Sophmore, Junior and Senior years. After this year, I will have no leverage at Carnegie Mellon - will the financial aid most likely go back to original amount??</p>
<p>If the school isn’t upfront about this ask. For us they told us it was for the 4 years, another told us it was year one only. Can be significant when talking 5K difference over years 2,3,4.</p>
<p>For need based aid, you apply ANNUALLY. Each year the school will take your financial information from the previous tax year and your assets and determine your new award. It can and often DOES vary from year to year…especially if your financial situation changes. Most schools will NOT guarantee need based aid for more than one year…unless it is an award that is a merit award that also considers need. Then sometimes the school will guarantee the merit award for more than one year.</p>
<p>My son’s merit award is for 4 years as long as he keeps a certain gpa.</p>