Need based aid: is it renewable?

[pv515]

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Quick question:

In the experience of med students, does your need based financial aid package get renewed each year as is? Can it get better (if your parents make less money the next year, which mine will), or does it either stay the same or get worse, or disappear entirely?

 

[Ismet]

Quick question:

In the experience of med students, does your need based financial aid package get renewed each year as is? Can it get better (if your parents make less money the next year, which mine will), or does it either stay the same or get worse, or disappear entirely?

This will vary from school to school and from award to award (some awards might not be renewable for 4 years). At my school, we are given the option of just renewing the financial aid we received the year before, or apply again with new parent information and the need-based aid will be reevaluated. The latter is a bit risky, as you're not guaranteed to get more need-based aid, depending on how much aid is available. Talk to your prospective school's financial aid office to see what they have done in the past.