I am hopeful that someone has a link to an external database/source which shows approximate financial aid awards for specific schools post first-year. The best resource I have been able to find is here: https://nces.ed.gov/collegenavigator/
however it is not too specific. The Net Price Calculator is only accurate for the first year in a college/university, correct?
My son will be graduating in May, and our income this year has gone down almost $10,000 (our son’s income is down $5,000, as he took a needed unpaid internship rather than taking his usual many hours per week job over the summer). We appealed our financial aid awards at both schools, and they each were kind enough to add a little more. However, my son’s school, while over the years being generous, did not seem to take into account that we would be paying for our daughter’s tuition this year - their award remained essentially the same (with a little extra awarded after our appeal.) Our daughter’s school is costing about what the Net Price Calculator estimated for her freshman year. I tried the NP calculator for her school two ways; with a sibling in college, and without. There is not much difference. Is there a database somewhere which corroborates this? I have asked the Financial Aid Advisor, and she has said that the aid would most likely be reduced some once our son graduates. I would feel much more at ease if there was a way to be a little more accurate with need based financial aid for post first-year students, based on various scenarios (eg, sibling leaving college).
Thank you for any links!
The only people who can answer your specific questions at this point, are the people in the financial aid office at your daughter’s institution. It really, truly, is OK to sit down with them and go through the current aid packages and projections for future aid packages. Bring in the specific financial information that you want them to have in order to be able to give you the most accurate estimates.
Schools aren’t controlled in regards to this. They can’t be held to what some database says.
If you found a database that says that you will be given $5k more aid, so what? The school doesn’t care what some outside entity is indicating. You’re expecting more institutional aid, and they get to decide.
If you’re wondering what your Dd’s pkg will look like after your son graduates, as the school.
While the NPC may not be perfect, what is it saying when you use it and indicate ONE child AND ONE LESS family member (once son graduates he’s not part of the household).
It sounds like neither of these colleges meet full need for all students. That being the case, it is very believable that you received no additional need based aid when your income reduced or when you had a second student in college.
Thank you all. Almost all my son’s full need was met the first three years. His aid did not increase, however, when my daughter entered college.
Before she committed, I did speak with the financial aid officer at my daughter’s college about future aid, who said that it depends on a number of factors, but said that aid would not be reduced “too much.” This was after explaining our reduced income this year, while also explaining that our son would finish college in May.
I also used the net price calculator, and compared one child and one less family member - a couple of thousand dollars difference, not too bad. However, the calculator is only there for the first year’s award.
I have heard stories of aid being vastly reduced in subsequent years, which I do not believe will be the case with my daughter’s college - I just wish it all was more transparent for subsequent years. My son’s financial aid package for this year did not become available until late June, and were surprised to find that even though our EFC had been reduced by quite a bit, no further aid was offered, and as our income has decreased quite a bit, we filed an appeal - I know that they are busy, but they were unable to give us an answer for over a month, which was nerve wracking - both my son and I followed up with respectful calls. I am very grateful for all the financial aid my children have received, however I do wish that the process for financial aid in subsequent years was a bit more transparent.
If the college does not meet full need for all accepted students, there is no guarantee about the amount of need based aid fluctuation from year to year with income or number of student changes. NO GUARANTEE.
My DS went to a college and his EFC for,the first three years exceeded the cost of attendance. When his sister enrolled in college his senior year, his EGC per fafsa dropped to about half the cost of attendance…a $22,000 drop. He received an additional $250 grant. He didn’t even get subsidized loans. He had a merit award that was not affected at all…but he garnered NO additional need based aid above the $250. Our income was about the same.
DD got a merit award too, and we thought need based aid as well. Well, we must have been wrong about the need based, because when her brother graduated, she received exactly the same financial aid package the following year…with a 4% increase which was exactly the %age tuition increased.
Neither school met full need for all.
My point is…you apply annually…and unless the school meets full need for all, you should not be surprised if your aid does not increase when your income drops, or your other kid enroll so in college.
My D’s school uses CSS profile and FAFSA for freshmen year. The EFC is very close to FAFSA though. As it is a need met school, the FA adjust according to the EFC each year. Nevertheless, as the tuition is getting much higher this year and some of the external scholarships not renewable, we are seeing some loan and work study in the FA this year (but none for last year).