College is expensive, there’s no argument there. Many families rely on financial aid to make college a possibility. For most families, that financial aid package contains a combination of scholarships, grants, loans, and possible work-study for their student. So you’ve received your financial aid package (which never seems enough, but it helps) and your student has headed off to college. You’re all set. Or are you?
Although there is no guarantee that the amount of financial aid that your student is offered for freshman year will be maintained for all four years, most colleges do honor and continue their offering unless family circumstances change. Most families can count on that level of aid continuing for their student’s four years at college. If your student needs more than four years to complete his degree, you should check with the school about their policies regarding fifth year financial aid.