Is need based aid from a private school’s sources based only on the first year’s finances?
You apply for need based aid annually at most schools. So…if your finances change, then your need based aid would,change.
For the 2018-2019 school year, you would,be using tax return and income information from 2016.
For 2019-2020, you will use 2017 info.
If your income increases in 2017, then it’s very possible your need based aid could go down.
Are you talking about colleges that guarantee to meet full need?
My kids went to two private universities. For need based aid, we needed to complete both the FAFSA and the Profile annually.
@thumper1
Yes, I am talking specifically about a private school in PA. A parent told me they chose that school because it was a great “meets need” offer that would last all 4 years. I questioned and was told that it was only based on the first year’s income situation and wouldn’t change, which is why they chose it. I didn’t think that was correct, I figured there is a reason the FAFSA is filled out every year 
, but I wanted to confirm. I’m not racing back and starting any fights but for my own knowledge, I ask the question.
@NJRoadie my guess is theynwere told that the award would,remain the same IF the finances remained the same.
People hear what they want to hear.
There will be a shift on the part of the parent and student contribution. you file the FAFSA each year. if your friend has 2 kids in college this year then goes down to one kid in college the package will change. By the same token if there is only one kid in college now and there comes a time where there are 2 in college the package will change.
Keep in mind that the student will take on more financial responsibility in the financing of their education; if there are loans in the aid package, the package will change each year when the student is able to borrow more.
The aid package is going to change each year because there will be an increase in the student contribution as the student will be more able to get summer jobs/internships.
While the school may continue to meet 100% demonstrated need, the make up of that need may change year over year
You can go to the school’s website - see Financial Aid and there will be information for returning students.
@NJRoadie my friend’s son is a freshman at Northeastern. She told me Northeastern only calculates your merit as an incoming freshman, they use that for all 4 years. If you lose a job, you can request they redo it, but if you win the lottery they’ll never know if you don’t tell them. He doesn’t get any need based aid, so maybe the other poster was confused?
Merit aid is different than need based aid.
In the vast vast majority of cases, merit aid is continued based on maintaining a certain GPA in college. It does not usually require resubmission of financial aid forms. And it’s not based on income or assets. And you actually could win the lottery and still get your merit aid. And losing a job, with a reduction of income does not usually increase merit aid. @NJWrestlingmom
Need based aid, however, is based on financial need…and this is calculated annually.
Merit aid by definition has nothing to do with the family’s financial situation, so a job lost or a lottery won will have zero impact on any merit aid.
@thumper1 duh!!! Of course…lack of sleep!!!
I think the Northeastern policy referenced here is the guarantee that financial aid will not decrease each year - it is calculated freshman year and can only increase from that point, and also increases in proportion to tuition raises.
https://studentfinance.northeastern.edu/applying-for-aid/undergraduate/the-northeastern-promise/
Some schools have policies like this, others don’t, so check each before accepting offers/applying if it’s relevant.
Some schools will require applicants to file the FAFSA in order to be considered for merit aid, regardless of whether the student anticipates being eligible for any need-based aid. The two (need-based and merit-based) are NOT totally separate at some schools.