Expert Quick Take
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Karen Cooper Associate Dean and Director of Financial Aid, Stanford University |
Can we expect the same amount of financial aid each year?
In short, maybe. To answer this question, it’s important to review the two primary types of financial aid: need-based and merit-based.
Aid awarded to students based on the financial need of the family is considered need-based. Major factors that impact this type of aid include the cost of attendance (which may increase from year to year), along with a family’s income, assets, household size, and number of family members in college.
A student could qualify for additional need-based aid during a later year of college — if the cost of attendance rises, or if one of these major factors change, like a drop in household income.
Merit-based aid is awarded to students based on a range of achievements in high school that normally fall under academics, athletics, and the arts. If your child is awarded merit-based aid — usually in the form of scholarships — there could be opportunities to renew it. Renewable scholarships typically require students to meet certain criteria every year, like a minimum GPA.
Since policies vary between colleges, especially for institutional assistance, you should contact the financial aid office with specific questions.