We are in an interesting situation with S receiving two virtually identical scholarship offers from private schools - one solely talent-based and the other completely need-based. Can we assume that the talent scholarship is likely to be sustained for next four years? I’m a little anxious about potential fluctuations in the need-based award (of course, these could go either way but in our particular situation I’m afraid next year’s offer may be less generous). It makes it hard to determine the four-year cost.
Am I wrong to assume the music merit aid is more “stable” than need-based? What else should I be thinking about as we try to project expenses?
You should call the school offering the talent scholarship and ask about the criteria required for annual renewal of the merit award. It is usually something like maintaining a B average, being enrolled full time, and making appropriate progress.
Yes, that’s good advice. Will do!
Best to check with the school, but if the merit aid is renewable for four years then it’s a known. But you are correct that need based aid can go down (or up) based on your financial situation in a given year.
I will call both schools with a list of questions. Such an education and I’m only sorry to be starting so late. But it’s different when it’s all hypothetical!
I have found in the school’s literature (on line or in print) that it will say that scholarships are renewed for the same amount every year. So do a little digging on the website.