Now is the time to focus on details. With your admissions decisions and financial aid offers in hand, it’s so important that you understand the fine print, including the terms of your aid package(s), a school’s requirements for you to keep your aid and how the aid you’ve been offered may change from year to year.
Any of the following provisions may be included in your offer:
- Aid may not be the same over the course of four years, as it is common for financial aid to change after freshman year.
- Some scholarships have strict academic requirements and can be rescinded if you do not maintain a specific grade point average.
- 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.
- 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 students should not assume they’ll have access to the same aid package if transferring to a new school.
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.