D is a rising junior and have no experience with FA awards and I have a couple of questions.
If my daughter is accepted to a school that meets full need and they produce a finaid award with what need-based grants they are giving is this only for the her Freshman year?
Is there any guarantee that if our finances remain the same that we’ll get the same amount every year? At any school even an Ivy?
If she were to get an award but then appeal it based on a better offer from a peer institution and then receive a better offer from the original school would that in any way be guaranteed for 4 years if finances remain the same?
Is any of this in the award concerning future years?
TIA
Policies vary from school to school. Some schools will just keep the aid the same each year, allowing a family to feel comfortable in knowing their aid. Other schools will base each year on that year’s FAFSA info, so it can vary greatly. The only way to know is to ask … and if they are cagey about it, research the question on the forum for that particular school.
You apply for need based aid annually. Most schools compute your need anew each year. Most schools will also tell you that if your financials don’t change, your need based award should be consistent…at schools that meet full need.
You should be able to ask this question at each college. They will tell you their policies.
The need based aid award your kiddo receives will be for one academic year. Schools require different things for returning students. For example, both of my kids’ colleges did not require the Profile in subsequent years unless the financial picture changed dramatically (we submitted one DS’s senior year because we had an additional kiddo in college at the same time. For example).
It makes sense to have to apply in subsequent years for need based aid. Think of it this way…if your income goes DOWN substantially…would you want the same need based award, or,would you want more?