<p>Thus my real-life Villanova FA example above.</p>
<p>You are not alone. Many who have houses that they just cannot sell or businesses in the same category, are hit hard with what they are expected to pay. My friend owned a bunch of houses that he rented out. They were his income, and his retirement. If he borrowed against them, it would cut into his income which was shaky as it is. It was truly a balancing act for him to stay solvent. When Harvard, the prince of all financial aid schools accepted his son, they assessed all of the properties at a market value that he could not get. They told him to sell the danged things and use the money to pay for college. The problem is that selling a property would reduce an already needed income. A catch 22 if I ever saw one.</p>
<p>I am very unhappy with Villanova financial assistance. My daughter is in the class of 2012. The summer before her freshman year, the 2008-2009 “Information About Your Financial Assistance” instructions did not say that the Villanova grant could change over the four years; in fact it said “Villanova University Grants are awarded for four academic years (eight terms).” I decided we could afford Villanova because of that statement. After all, this is Villanova, with higher ideals, not the federal government with all of the EFC and FAFSA restrictions, and they have some really happy statistics in other marketing type handouts on how much aid they give. We felt good about it. This year my son graduated from another college, and the grant was reduced by 80%, which equates to serious money that I did not plan for and really cannot afford. The 2010-2011 “Information About Your Financial Assistance” instructions has a sentence added: “The amount may change based on your financial need each year”. WHY DID THEY “FIX” THE INSTRUCTIONS?! Because it was an omission, obviously, and I am paying the price for believing the 2008-2009 instructions. If anyone wants to see the 2008 and 2010 forms side by side, please e-mail me and I will send both. I appealed on June 18,2010, waited a month after a couple of followup calls, was told a month later on July 18 to just pay the full bill and they would get around to me in late August after the tuition due date. I had to hire a lawyer to get any attention and spent over $1000 just to get a response before the August 9 due date. Villanova restored the aid level by about one-third of what the reduction amounted to, and it is not guaranteed for her senior year. It hurts financially, and I feel abused. I am curious if any other class of 2012 parents have a feeling that they saw somewhere that the Villanova grant was good for four years. I hope there are others out there. If anyone has an idea or advice for me, please send. Thanks</p>
<p>i’m sorry that happened to you. When schools say that financial aid is guaranteed for 4 years, they mean that it is guaranteed IF the need stays the same. I don’t know a single school that would guarantee need based aid regardless of changes in need. Going from 2 kids in college to 1, would throw the numbers way off. I remember some years ago, a friend whose older daughter took leave from college, and the financial aid disappeared from the second daughter’s package. They were eligible for need only with 2 in college. Merit awards can be guaranteed for 4 years, but often have a gpa and good standing stipulation.</p>
<p>cpt is right.</p>
<p>Your D’s previously offerered grants were based on “need” - which you had with 2 in college.</p>
<p>Since your son has graduated, Nova (and all schools) assumed that income that was being diverted to your son’s education can now be spent on your D. Your D’s grant was based on having 2 in college. </p>
<p>Nova didn’t mess with you. ALL schools that give grants would have done the same thing. Your need was lessened.</p>
<p>If you had gotten a big raise in income, the same thing would have happened. “Need” changes when family circumstances change. If you had lost your job, you would have expected MORE money. So, with less children in college, the reverse would logically happen.</p>
<p>Probably the only reason Nova gave back some money is because a lawsuit would have cost them more money.</p>