With the May 1st decision day just around the corner, many of you are now focusing on the specifics of your financial aid package as part of your college selection process. Make sure you understand the terms of your aid, the requirements a school may have in order for you to keep your aid and how the aid you’ve been offered may change from year to year.
In Sunday’s Education Life section in The New York Times, Rochelle Sharpe discusses the many reasons upperclassmen can lose their financial aid.
- Some scholarships have strict academic requirements and can be rescinded if you don’t maintain a specific grade point average.
- Aid may not be the same over the course of 4 years, as it is common for financial aid to change after freshman year.
- Deadlines are crucial as most schools require students to reapply annually to qualify for aid and you can lose your aid if you fail to file the necessary paperwork on time.
- Grants may not be available to transfer students, or less money may be offered to transfers, so transfers should not assume they’ll have access to the same aid package if they transfer to a new school.
- Merit aid may be offered to entice you to join a freshman class but that same aid may not be available in your sophomore, junior and senior years.
If you have any concerns or questions about your financial aid package(s), call the school’s financial aid office and ask a financial aid officer to help you. Make sure you understand the terms of your aid before you select the school you will attend next fall.