How Does The Financial Aid Package Change From Year To Year

How Could My Fiscal Aid Honor Change Next Year?

Do Swarthmore financial aid awards alter each year?

Swarthmore assesses a student's fiscal demand each year that a student submits an application for financial assistance. Generally speaking, if a educatee's financial need changes from 1 yr to the next, the corresponding financial aid award would alter to reflect that. For instance, if a family unit's overall financial strength increases, the fiscal need decreases. If a family'southward overall financial strength decreases, the financial need increases.

What aspects of my family's fiscal situation could influence my financial aid award?

A family's financial situation is comprised of a number of factors, which are evaluated in context when Swarthmore considers a educatee's financial need. Some of the factors that play a role in determining a student's financial demand include (merely are not express to) a family'due south income, avails, size, and number of children attention college. Please note that siblings who are full-time students at iv-year, undergraduate institutions are given credit in our need analysis when determining a Swarthmore educatee'south financial aid honor.

How could changes in income, assets, family size, or siblings in college change my fiscal aid award?

It is common for a family's income and assets to change from one year to the next, simply information technology is less common for other factors, such every bit family unit size, to change each year.

A educatee's fiscal need could increase if one or more of the following is true:

a family'due south size and the number of children enrolled full-fourth dimension in four-year undergraduate college stays the same, while the family's income and/or assets decreases
a family'south income and assets are relatively unchanged from one year to the next, simply the family'due south size and/or the number of siblings enrolled full-time in four-year colleges increases

For case, if a Swarthmore student's family size stays the same, but a younger sibling enters a iv-year college as a full-fourth dimension educatee, the family unit has new additional costs of educating some other college student. By and large, with near other factors remaining unchanged, this ways that the Swarthmore educatee's financial aid award would be expected to increase.

A pupil's financial need could decrease if ane or more of the post-obit is true:

a family'due south size and the number of children in higher (full-time enrollment at four-twelvemonth, undergraduate institutions) stays the same while the family's income and/or assets increases
a family's income and assets remain almost the same from ane twelvemonth to the next, but a Swarthmore student's sibling graduated or left college

For example, if a returning Swarthmore student'due south older sibling graduated from a four-twelvemonth undergraduate college, while the family's income and avails did not change much from the previous year, the family would have fewer costs associated with college expenses. Later, the Swarthmore student's financial aid award would be expected to decrease, with most other factors being the same.

What are some reasons why my financial aid award might change from one year to the next?

If yous see significant changes in your financial aid honour from ane year to the side by side, in either management, you are encouraged to consider whether some key factors have changed (such equally income, assets, family size, or the number of siblings enrolled in college), and if so, to what degree. In addition, other elements are considered as role of the financial need analysis, including:

Billed costs from the College. An almanac increase in Swarthmore'south cost of attendance (such as tuition, room, and board), even by a minor percent, may upshot in a change to the bottom-line number of the financial aid award.
Outside scholarships. Students are more than likely to receive exterior scholarship awards in their offset year than they may receive in subsequent years. All else beingness equal, this would result in a student receiving a smaller assistance award in their upper-form years, despite the fact that Swarthmore does not control the amount of outside scholarship awards a student may receive.
Summer earnings. Students are expected to contribute a portion of their summer earnings each yr: $ii,000 in their offset year and $2,500 in each subsequent year. All else being equal, this increase in the student's contribution would decrease the student'due south aid award from the first year to the second.
Pregnant changes to family circumstances. Swarthmore's Fiscal Help Office follows a procedure for assessing significant changes to a family's circumstances at any point in the calendar year—changes that can be deemed beyond the control of a family unit and that bear on the family financially in an adverse way. This could include major events such as the loss of parent employment, loss of parent income, death of a parent, unforeseen catastrophe, etc.

Should you have questions about a change in a student'due south financial aid laurels, you are welcome to contact the student's assigned financial help manager, who will be glad to address your concerns.

Every family'due south circumstances are different and are evaluated in context. Consider that a family of four with two parents and 2 children (one of whom is a full-time student at an undergraduate institution) and an almanac income of $180,000 could expect to be impacted differently past a alter of $ten,000 in income than a family unit of 1 parent with two children (both of whom are in college) and an almanac income of $sixty,000.

Source: https://www.swarthmore.edu/financial-aid/how-could-my-financial-aid-award-change-next-year#:~:text=Generally%20speaking%2C%20if%20a%20student's,increases%2C%20the%20financial%20need%20decreases.

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