Is financial aid offer for 4 years?

[Anonymous]

Is it guaranteed for 4 years? Or do they recalculate the whole offer every year. We are a donut hole family. After our DC's first year, our savings will go down by a sizeable chunk. Do they recalculate FA so the next year the EFC is lower?

[Anonymous]

Maybe I didn't ask this the right way. Does aid get recalculated every year or is the FA presented as a figure for 4 years?

[Anonymous]

You complete FAFSA every year and FA will get adjusted.

[Anonymous]

what level of income and assets puts one in the "donut hole" category?

[Anonymous]

Anonymous wrote:what level of income and assets puts one in the "donut hole" category?

If you are "MC" by DCUM standards and want to bitch about failing to save for your kids' college, you are in the "donut hole."

[Anonymous]

Anonymous wrote:what level of income and assets puts one in the "donut hole" category?

If you are MC in DMV area, it's better to assume you won't get much, if any. Obviously, no set value. It's better to post your HHi/situ and ask for feedback

[Anonymous]

Depends in the college, but for private expect 100K and up to not get much. For state much lower for FA. Maybe 50K? Merit aid is more possible at state though.

[Anonymous]

Anonymous wrote:Depends in the college, but for private expect 100K and up to not get much. For state much lower for FA. Maybe 50K? Merit aid is more possible at state though.

What does this have to do with OP's question?

The question was answered above. You apply every year and the financial aid award will change one way or another.

[Anonymous]

Anonymous wrote:what level of income and assets puts one in the "donut hole" category?

Run some Net Price Calculators to find out.

[Anonymous]

OP, most financial aid is based off your income. You deteriorating savings is expected because you are paying tuition.

[Anonymous]

Merit aid is usually for all four years.
Financial aid (based on need) is done every year with updated information.

[Anonymous]

Is it a common practice that schools offer you an aid to attract you to enroll in the school, then starting the second year they reduce or no longer offer any more? They know you have already invested one year in the school, you will not go anywhere even without any aid from the school.

[Anonymous]

Anonymous wrote:Is it a common practice that schools offer you an aid to attract you to enroll in the school, then starting the second year they reduce or no longer offer any more? They know you have already invested one year in the school, you will not go anywhere even without any aid from the school.

I have not heard that scenario. The merit aid my son was offered was a set amount for all four years. This was at all the schools that offered him merit aid. The merit aid did come with a minimum GPA (generally 3.0) and that is sometimes based on each semester and not cumulative. So one bad semester and poof the merit aid goes away.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is it a common practice that schools offer you an aid to attract you to enroll in the school, then starting the second year they reduce or no longer offer any more? They know you have already invested one year in the school, you will not go anywhere even without any aid from the school.

I have not heard that scenario. The merit aid my son was offered was a set amount for all four years. This was at all the schools that offered him merit aid. The merit aid did come with a minimum GPA (generally 3.0) and that is sometimes based on each semester and not cumulative. So one bad semester and poof the merit aid goes away.

Merit aid is not the same as need-based aid. They will recalculate annually.

If your income goes up you will probably have to pay somewhat more. And if your income goes down, you may pay somewhat less. But no guarantee.

[Anonymous]

Anonymous wrote:Is it a common practice that schools offer you an aid to attract you to enroll in the school, then starting the second year they reduce or no longer offer any more? They know you have already invested one year in the school, you will not go anywhere even without any aid from the school.

I am wondering the same thing.