Did You Know That Not All Scholarships Are Renewable Each Year? - Merit Educational Consultants
0

Did You Know That Not All Scholarships Are Renewable Each Year?

Did you know that many scholarships disappear after freshman year? Make sure that the scholarship is renewable each year for 4 years to cover you throughout your undergraduate education.

Here are some red flags to watch for:

  1. One-time scholarships for visiting the college campus or interviewing with admissions officers
  2. Others require that you maintain a certain GPA or other codes of conduct
  3. Colleges could replace a grant (free money) with a loan after freshman year when the students have higher federal student loan limits
  4. Family finances change: siblings graduate from college or move out of the family home (increases parents’ ability to pay)

With a 4-year undergraduate degree costing between $100K-$300K, make sure that you can afford to complete your education BEFORE you start. Meet with your financial aid officer to discuss your financial aid offer. Because college tuition increases about 3% each year, consider how you plan to pay for tuition, room and board, and other expenses.

[Source]