Myth or Truth - when your child is a junior?

[BlsdMama]

Ana got a full scholarship this last year.  It covered tuition, books, and some transportation costs.    We've already gotten her award letter for next year - they actually increased scholarship monies to include her "personal costs."    By the net price calculator, our estimated contribution should have been $5500.  It actually came out to be $1500 when all is said and done.

DH got a phone call today about a job opening within his company.

So I ran the calculator with the estimated income of the new job and our estimated contribution becomes a little over $11k.

 

 

I have heard that when a child becomes a junior or a senior, because they no longer want to risk losing credits over 60, many universities yank some of the funding.  True?  She has a good scholarship that is granted for four full years based on GPA that she'll retain.  Her GPA right now is  a 3.7.   

[8filltheheart]

Is the scholarship need based?  That is the question she needs the answer to.

[Granny_Weatherwax]

I think this is where wording and intent are important.  My DD has what we call a 'scholarship' because it is gifted money.  All of the funds, however, are not really scholarship. My DD's award statement is quite detailed in showing which line items are scholarship and dependent on GPA, academic performance, etc.  She has some large merit awards and some smaller, specialty scholarships.  Each of these state they are for all four years depending upon performance. These make up about 65% of her 'scholarship'. The remaining 35% of her 'scholarship' is a need based grant awarded by the school. This grant is given at the discretion of the school and can be revoked at any time; this is what she lost a bit of last year when she dropped to 12 credits.

 

As long as she maintains her GPA her academic scholarships, the 65%, are locked in.  She's a junior but will have to take a 9th semester/5th year due to dropping to 3 classes per semester for three semesters.  The school has not guaranteed her scholarship $ for that final semester or year.

[katilac]

 

I have heard that when a child becomes a junior or a senior, because they no longer want to risk losing credits over 60, many universities yank some of the funding.  True?   

 

I'm not sure I understand what you're saying here - do you mean you've heard that schools yank funding because the students have over 60 credits and are thus 'committed' to staying? 

[8filltheheart]

One thought just came to my mind. We moved the middle of our son's jr yr.(after jan 1) All of the moving expenses covered by dh's employer are grossed up for taxes and are counted as income. When we applied for FA when he applied to colleges, we had to contact every school to demonstrate that his income was not that level, but that they were non-tax deductible reimbursements.

 

If your dh's company buys your house, pays for closing costs, and pays for movers, all of that will likely be consider income next yr. You need to contact the FA office and talk to them and ask how they deal with that issue.

[Hoggirl]

My understanding is that merit scholarships are set as long as you maintain requirements to keep them. However, financial aid can be more fluid. The ratio of grants to self-help (loans and work study) can shift from year to year. Perhaps I am not understanding what you are asking??? I have heard of grants being reduced over time and self-help being increased over time. A kind of bait and switch.