<p>Hello,
I have noticed that some colleges and universities have some great net prices, around $20,000. But, what happens for soph, jr, sr years? Do these institutional grants disappear
Where do I look to see? Common data?</p>
<p>Ok so I looked on
<a href=“College Navigator - Cornell University”>College Navigator - Cornell University;
and see the average net price for incoming freshmen versus by income range and there is some variation.</p>
<p>My daughter’s merit aid will be the same for future years IF she makes the required gpa. If not, she can’t go back because we couldn’t afford it. Several of her other sources of funds also depend on the gpa.</p>
<p>Most schools give similar financial aid packages for future years if applications are submitted on a timely basis and financial info remains pretty much the same as freshman year. Usually, the student is expected to take on more of the costs each year, and the packages often reflect that with more self help in there. Also prices go up each year. A lot of students do mitigate some of the increases by preparing more of their own meals, living off campus, finding deals on books and supplies, networking to share resources, rides, etc. </p>
<p>Beware of average net prices as they are worthless if they don’t apply to YOU. DO a NPC for the schools filling it in with your personal family financial info to get a closer idea of what you are likely get in aid. Doesn’t matter what other people get, what the average is, if it doesn’t pertain to you. </p>
<p>Thanks @cptofthehouse and @twoinanddone The net price calculator is just for freshman year for my DC. Or once enrolled, do I run net price calculator to check ( suppose my income were to go up) sophomore year net price?</p>
<p>The NPC gives you a net price for freshman year. HOWEVER, the provisions of your student’s financial aid will clearly be given once an award is received. For need based aid you have to apply annually. In most cases, if your finances are the same, your aid will be similar. But your actual costs could increase as the cost of attendance will likely increase. Plus most schools have a student contribution that increases as well over each of the four years.</p>
<p>For merit aid, your merit award will usually continue as long as you maintain a certain GPA. This will clearly be stated in the award your student receives. merit awards don’t typically increase over the four years…so your out of pocket costs will likely increase as costs increase.</p>
<p>And lastly…a lot of this depends on the policies of your school and the types of awards. If your school guarantees to meet full need for all, your need will continue to be met commensurate with your income and assets. </p>
<p>If your child is lucky enough to receive a scholarship that specifically is for full or half tuition, that award will increase if the cost of tuition increases during the four years of college.</p>
<p>Some things to be aware of that can result in unexpected cost problems in later years:</p>
<ul>
<li>Highly variable parental income.</li>
<li>Non-custodial parent remarries someone with significant income or wealth (or otherwise increases household income) but does not want to contribute any more, or becomes uncooperative with financial aid paperwork.</li>
<li>Not meeting GPA requirements to renew merit scholarships. 3.0 may not be that big a deal for a top scholarship student, but 3.5 means managing GPA like a pre-med, possibly limiting the exploration into other academic fields the student can do due to fear of falling below the scholarship renewal GPA.</li>
<li>Needing an extra semester to graduate and finding scholarships end and financial aid gets worse after eight semesters.</li>
</ul>
<p>UBalumnus dad has given you some examples of what could change your NPC in future years. As I said, schools also tend to go up in price, and they also expect students to take more personal responsibility in paying the costs. But for the most part, financial aid remains about the same over time. That sort of integrity is necessary, or people who have need simply can’t return if the prices are hiked up for no reason.</p>
<p>One other situation that a school should be outright asked about is how they handle future siblings going to college while student is still in that school. Schools that do not guarantee to meet full need, often won’t take that into consideration even when the parental EFC is cut about in half. Most of the schools that do guarantee to meet full need do take that into consideration and adjust fin aid according to their formulas. Also if you have a sibling in college right now, be aware that when that sibling is no longer a full time ug student, your aid will likely drop drastically. </p>
<p>If a college is committed to meeting 100% of documented need, and you are receiving need based aid, then if all other things remain the same, you should receive more aid each year as costs increase. Some families receive large aid offers because they have two kids in college, but then are surprised when one of their kids graduates and the aid falls for their other child.</p>
<p>Merit aid is often a flat amount that does not increase with inflation. Read the fine print on what is needed to keep the merit aid. At my daughter’s college, you need a 3.0 to keep the full merit aid, but if you get a 2.7, you can keep half of it. If you move off campus, some of your merit aid is reduced. It is much harder to keep a 3.0 at some colleges and some majors than others.</p>
<p>Some colleges will allow a student to fall below the minimum for merit aid for one semester if they show positive progress.</p>
<p>Most colleges will expect a student to take an extra $1k a year in Stafford federal loans in the sophomore year and then another $1k in the junior and senior year, because the feds allow larger loans in those years. </p>
<p>At some colleges, upper class housing is much higher in cost than freshman housing.</p>
<p>There was a recent report on NPR that some schools are doing bait and switch in financial aid that it costs a lot more after freshmen year. In most cases, the aid should be similar if there is no significant change in income/asset and above the minimal grade requirement. Nevertheless, the tuition may increase every year particularly for upperclassmen.</p>
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<p>At many colleges, upperclass students often move to off-campus housing, which can vary greatly (either significantly more or significantly less expensive than campus dorms).</p>
<p>“if all other things remain the same, you should receive more aid each year as costs increase.”</p>
<p>Not necessarily. Even the top schools, often require increasing student responsibility each year of college, which is built into their expected student contribution amounts when giving out financial aid. A senior absolutely is expected to pay more on his own than a freshman. Often this is done by increasing self help amounts. I know many kids whose aid did not go up,</p>
<p>Staying in university housing does more often than not, from what I’ve seen mean increased costs The freshman staple is a a double dorm room at most colleges with a communal bath, but upperclassmen often get apartment and suite arrangements or single rooms. I know my sons could not get the less expensive double rooms. Many get no rooms at all the way the room supplies are at college. When it comes down to off campus digs, as Ucbalumnus notes, the costs can range from way higher to way lower/ The same goes for food expenses when going off the meal plan. </p>
<p>If the school does not meet needs (most schools don’t), don’t expect the aid to increase with cost.</p>