<p>I've seen several threads that claim some institutions will give wonderful financial aid packages... to Freshmen. Unfortunately, these institutions reduce the amount with each successive year. My question is, how prevalent is this practice? And would anyone have any information about what schools have reputations for doing this? Of particular interest to me is the reputation of my daughter's top two choices, USC and Vassar? Thanks!</p>
<p>I can't addres these 2 schools specifically but generally speaking if you have loans in the package you can be pretty sure that each year the grant will go down as the allowable amounts of loans goes up. For example, the Stafford loan is 2625 for freshmen but goes up to 3500 for sophomores and then 5500 for juniors and seniors. That's the first place the package usually changes because the schools are using federal guidelines. Work study the same. Some schools though use their limits. I would try to get as much in writing as possible about subsequent years.</p>
<p>USC is famous for this. Check the archives in the old CC, there's a thread on USC's financial aid practices.</p>
<p>I am very interested in this too! My son's grant from Duke is AMAZING, and they are assuring me that it will remain comparable for all of the years of the program barring any significant change in circumstances. Anyone out there have experience with Duke? </p>
<p>~berurah
p.s. But they have also been VERY upfront about the student contribution increasing a bit over the years.</p>
<p>or the amount of loans goes up- grant stays the same- but the amount of tuition goes up
This has been our experience</p>
<p>GK- several years ago my DD got into USC with some really nice aid- private schools can determine your need on using their own flexible formula and they have flexibility on special circumstances, then within that need they can determine the amoutn of loans v grants v gap. USC was pretty darn attractive, but we researched on PR( the CC type board at the time) and found people saying that after two years at USC, the package became almost entirely loans! We did not pick USC and that was part of the decision. Two years later many people posted that their package had converted from grants to loans- I belive they give the most they can in grants th first two years and believe you will be committed and take the loans to finsih up. By the time you get your package in May/June it is too late to trasfer for the fall in most cases, so you are stuck. (plus your kid probably loves the school by then.)</p>
<p>Vassar says in writing that they will maintain a similar package (assuming need stays the same) for all four years. If you read their forms you can find this. D #2 is considering them now :)</p>
<p>Somemom:</p>
<p>Instead of relying on old threads why don't you ask the financial people at USC?</p>
<p>I found the info on CC threads and did follow-up on the outside, but as a newbie parent, I may not have realised to even ask the questions without CC. The people posting about the loans posted fairly recently on CC and this was valuable confirmation.</p>
<p>GK50: I have experience with USC in that one child graduated and is now in graduate school (also USC) and I have a second child who is still attending undergraduate USC. My experience with financial aid has been extremely positive. For first child, the aid was consistent and certainly increased when my second child started (two in school really helps with EFC). There has been no trickery or bait and switch and, indeed, I was able to ask for increased help and get it due to circumstances. Hope this is helpful. I would underscore comments by tsdad and suggest you speak to them directly - from the horse's mouth, so to speak. :)</p>
<p>My experience with USC has been identical to papabear. The small scholarship provided will be the same for four years provided that: (1) he takes 16 credits per semester; and (2) maintains a specific gpa. I knew in advance what his Stafford loan payout will be for all four years provided that Congress or the President doesn't change the program. The latter is always a possibility with Federal programs and not the responsibility of the school.</p>
<p>Make sure you understand the terms and consitions of all the grants and loans. I seriously doubt that USC is engaged in bait and switch. Do be aware that as your income goes up or down so might the the Federal loans/grants and any state grants you have. Additionally, tuition will go up. That is a fact.</p>
<p>I have found it even more valuable to talk to students at a particular school on financial aid for a few years as to what their specific experience has been and what the general feeling about financial aid there is. There are some schools where you will get a very quick thumbs down and tales of woe, and others which are not as unfavorable.</p>
<p>PS: The USC issue that arose a few years ago was need-based grants switching to loans, not merit scholarships, that likley makes a difference. Once again, this was the experience of only a few families and points out that most important factor, be aware enough to ask the questions!</p>