<p>My daughter just was admitted to a small private liberal arts college. She was not offered any merit based aid at this particular school, but was offered a "need-based scholarship". I was actually surprised about being offered any need-based aid, but wanted to get some advice/guidance about the scholarship's terms.</p>
<p>The paperwork says to receive need-based scholarhsips you must: (1) demonstrate financial need, and (2) make satisfactory academic progress. In addition, the paperwork is also asking that I submit proof of college enrollement for my son. (I listed my son being in college on the FASFA and CSS profile.)</p>
<p>My main question is what happens next year? I am assuming that we have to reapply for this need-based scholarship, and the school will assess our financial position. Is this correct? If our finacial picture improves, I am assuming that we may be offered less scholarship money. Am I correct in assuming that once my son graduates (he is a freshman in college now), and my daugher is our only child in college, that for FA purposes, we will be better off, and we may not get the same need-based scholarship? How much would it be reduced? Will the school be able to tell me now?</p>
<p>The reason I ask---its hard to determine what college is going to cost (e.g. if we feel we can afford it) if the school's price is a moving target. From past expereince, do any of you know that, for example, schools rarell reduce a need-based scholarship amount? Or could they decide to yank it at any time?</p>
<p>Thanks.</p>
<p>I’m sorry, I don’t have the answer to your question but I would certainly ask the school. I’m sure that every school has their own way of doing this and since you didn’t include the name of the school here - -no one will be able to give you an accurate answer – but the school. You’re not trying to hide anything – and unless you’ve lied - which I don’t think you did – you have nothing to fear from asking directly. </p>
<p>Rachel
who is heartbroken to be turning down over 31K in grant $$ cause we can’t afford the remaining balance of $17K per year at a small private LAC</p>
<p>If your need based on the formula the college uses changes from one year to the next, then the package will change according to that formula. Most colleges do try to keep the same level of support for a student throughout their four years, but you should get the specifics straight from the financial aid office at the college in question.</p>
<p>Thank you–I actually just called the college. In short, the aid we received is bascially only good so long as: (1) our income stays about where it is (which it will); and (2) we continue to have two kids in school (which we will for three years). After our son graduates, our daughter will be a senior in college–for that year, her need based scholarship is eliminated. So bascially, she gets a scholarship for 3 years. Not sure what we will do at this point.</p>
<p>If a scholarship is given on a need basis and a FAFSA or other financial aid calculator is involved, yes,in most cases, the award will change with circumstances year to year. That you have two in college halves your EFC, and that the school wants proof of enrollment of the other student is a tip off that the award is contingent on that situations. Next year or whenever your son graduates, your EFC will be half of what it is, alll other things equal and you may lose the award.</p>