<p>I have a question for anyone who has already received grants/aid for their first year. Were your awards similar for the following years? The colleges we are looking at state the awards should be similar as long as there are no major changes to the family's situation ie, less students in college, much higher income etc. I'm worried since this is in no way guaranteed how much to trust these awards. Also how much of a change in income would adjust an award supposing we aren't close to any cut off points using the calculators. The colleges are all very vague with their answers. My concern is if I work overtime this year to help off set college costs will this only reduce aid/grants next year when my income increases?</p>
<p>You can rely on what the colleges are telling you. Your renewal awards will closely track prior awards if there have been no substantial changes in family finances, and will be fairly adjusted in the event of small changes.</p>
<p>There is a student income expectation that is included in the formulas. Once your income exceeds that expectation, your aid will be reduced 50 cents for each dollar you earn.</p>
<p>with two kids in two different colleges over 7 years - their need based grants were exactly the same. even with flucuations in efc. That is just my experience and doesn’t mean anything really.
In most cases your income would have to increase significantly for your grant to be reduced.
Working extra may make your efc go up but probably not significantly and if your need package doesn’t fufill 100% of your need then you are probably ok.
Remember - tuition also rises every year.</p>
<p>I know what you mean about trusting awards though - at some point you do have to have faith. Perhaps you could ask students at the school what their experience has been or even ask financial aid.</p>
<p>For 2008-2009, the student income protected is $3080.</p>
<p>When you earn dollar 3081, your EFC goes up 50 cents. If you were making $10 an hour, starting with dollar 3081, you are working just as hard but now making $5 an hour.</p>