<p>Okay, my son received two nice FA packages from two of the private schools he had applied to, SMU (Texas, our home state) and Tulane. The SMU package includes multiple actual merit scholarships that are renewable provided the requirements are met and they are reasonable, so I anticipate no problem there. Tulanes package also includes a merit scholarship that is renewable provided requirements are met; again I dont anticipate a problem there. However both packages include large grants from the schools themselves. There was an earlier post from someone asking if institutional aid will remain from year to year providing the family situation stays the same. I had not considered the possibility that those grants might not be there after the 1st year, and am wondering what I should ask and/or how I should phrase it so that Im getting the information we need. We have overnights on both campuses coming up, that include time for parents to visit the FA offices, so I will certainly be stopping by. Is it common for a school to not renew the school grants (providing of course SAP, full-time attendance, no disciple issues, etc )? The only school I have experience with was daughters private 2 year college, where her school grant was renewed the second year, then she graduated and transferred to a state school which is a whole different ball game of course. However son intends to stay at his school, so this is a question we need an answer too. Though of course, Im assuming the school could just change their mind how they do these things down the road, right?</p>
<p>Second question, SMUs package did contain a state grant that Im betting funding will be cut for or at the very least, severely reduced. This, I did call SMU about; sons FA counselor said they were working on a contingency plan. If this contingency plan is loans, I would like to know about it. Can I ask the school and expect an answer (assuming they have the plan worked out by now)? Or is this something they would not share until student actually accepts admission?</p>
<p>Last, should I try to get these questions answered in writing, or does it not do any good? I guess a school could always just tell you they changed their mind, even if you had it in writing. A FA package is not considered a binding contract is it? Of course the student has to meet their end of the bargain, but is the school required to meet their portion? I would like to think they have to, but logic tells me its their money and they can do with it whatever they want. </p>
<p>Thanks, Im working on a list to make sure I cover everything I need to ask, help is appreciated.</p>
<p>Schools are not required to provide the same level of grants each year. One of the advantages of accepting a merit scholarship, if it is renewable, is that you have the assurance it will be there. Of course, tuition goes up each year and your scholarship generally won’t. Grants completely depend on the school’s and the student’s finances. In general, if student finances remain the same, most schools try to give a similar package but they do generally increase loans as federal loan limits increase depending on the student’s year. </p>
<p>Yes, with state budget cuts, I could imagine that some states could lose some source of grant $ so it doesn’t hurt to double-check but it might be an issue that is decided way beyond the financial aid office. (For example, if a state legislature or dept of education stops funding a certain grant.) It is probably a good idea to address your questions via email, not just so you have proof but so you can read it at your leisure, in case you have follow-up questions that might not immediately occur to you.</p>
<p>Oh, and check the gpa requirement for those merit scholarships and double-check how they calculate it (per semester or per year). Some require a 3.5 and that can be a bit high.</p>
<p>My son is in his third year at Tulane. From experience I can tell you that Tulane has been generous with their need based scholarships, and fairly consistent.</p>
<p>Year one we had to appeal because my husband had lost his job, and they adjusted my sons package. Year two was an amazing package and very generous. My son had outside scholarships both years, and they were used to eliminate “gap” and some loans.</p>
<p>I was not happy with his package this year, our income went up slightly (5K), and it seemed that they eliminated his Tulane need based scholarship almost dollar for dollar. I contacted financial aid and stated that the financial aid did not seem as good as in previous years, and they did increase his need based scholarship by about 2K. I did not have to fill out an appeal form, I just had to call and email his financial aid officer. </p>
<p>After year one you do not receive a financial aid package until August which leads to a lot of anticipation and worry. As stated above, the packages will vary from year to year, and loans also increase from year to year, but I’ve been happy with Tulane</p>
<p>Has anyone had their need-based grant portion of financial aid decreased significantly w/no significant change in circumstances?</p>
<p>This’d be something more than a “they decreased aid one dollar for every dollar my income went up.”</p>
<p>Reason I ask is that I’m trying to get a handle on whether the “bait and switch” fear is fact-based or one of those hypothetical things that we worry might happen but almost never does.</p>
<p>It happened to us…S was accepted to Ivy League, offered no $. We spoke w FinAid officer and were offered a very generous grant. Year 2 cut by 20,000.( no big changes in our finances) Year 3 cut to zero ( went from 2 in college to 1). Very upsetting. Not sure how often it happens. Good Luck!</p>