<p>Just wondering if some of you could cast some light on the issue of costs and financial aid after the first year of college.</p>
<p>DD has heard from about half of the schools she applied to and we have yet to get financial aid information from some of the ones that have accepted her. The $ information is definitely going to play a role in where she goes. We don't think she has to go to the cheapest, but there is clearly a cap that we have in mind.</p>
<p>However, it's occurred to us that we have to keep in mind potential increases in cost. H has income that varies a lot -- up and down -- and I'm a candidate for a job that would pay more. While obviously more $ is good news and means that we are better able to pay fixed costs, I'm not sure how that will translate for changes in financial aid in coming years and, more important, our ability to pay for them. And if we have a bad year financially, then that would lead to difficulties.</p>
<p>It seems to us that we are taking greater risk with colleges that give aid based on family finances. Lower risk comes from schools with relatively lower costs and which have granted merit aid (assuming that the gpa requirement is not onerous).</p>
<p>Are you taking these issues into account? Have you already? What do you think?</p>
<p>As a single parent with a moderate income, a car that's 8 years old, and rent rather than own a home, this was definitely a concern for me last year when D chose her school. </p>
<p>I'm a financial control freak (I like to know where and when each dollar is going and coming), so like you (maybe a tad bit more), I am anxious about seeing this 2nd year financial aid package, which as I understand, doesn't come until some time in late May. Certainly too late in the game to make any drastic change. </p>
<p>In her favor, the first year was almost loan free (she had small student loans, I had none), and was a modest out of pocket expense. Still more than I had thought I could cover, but I managed by taking advantage of an interest free 10 month equal payment program. It hasn't been easy, but I haven't gone into hock yet.</p>
<p>I think the whole system is backwards. Sign on the dotted line first, and THEN find out what you've signed up for! It goes against my sensibilities.</p>
<p>You might want to visit the Parents forum. There are a couple of threads there about fin aid. The experienced parents understand and explain many details about it. I found it very helpful.</p>
<p>You definitely need to talk to the finaid offices of the likely schools- ask them aabout changes in subsequent years. for instance, wil the self help portion (loans & WS) increase & grants decrease (even assuming your EFC remians the same) How will they handle changes in EFC...ask ask ask</p>