What happens to my student's financial aid after her first year? Do schools make any kind of promise that you will always get the same amount of aid? Can the amount from her freshman year go down for her sophomore year?
Answers
It does vary slightly from school to school, but most schools don't promise anything about future financial aid offers.
My first child to go to college had a great experience with his financial aid office. His aid went up from year to year, partly because our savings were being depleted. His sister, however, had a more difficult time at a different school. Her aid decreased from her first year to her second year. It was strange and upsetting, especially after we'd come to expect better from her brother's experience.
-
Finances with your family can change from year to year a lot. If your family suddenly gains some more money from investments or something, you can expect your aid to go down significantly. It's all based on need, so if your need changes, your aid will change.