Do financial aid forms have to be filed every year for every child?
Many parents believe that once they’ve completed their forms and received their answers, their work is done. They’re wrong. Your financial situation can change from year to year. You could get a pay raise, a promotion or your business could pick up new clients that rocket your income. The financial aid administration is fully aware of this. They’ll want to see your financial situation before the start of every school year. If you’ll be earning more money next year or if the value of your assets will have increased, that’s bad news: you’ll end up with less need-based aid. Of course, it’s also possible that your future applications will bring you even more help than in the past. Either way, it’s important to remember that the financial aid process doesn’t stop at the beginning of the freshman year; it continues every year your child is in college.
