Financial Aid in Continuing Years
Financial aid is awarded for one year at a time; students must reapply to be considered in subsequent years. As during the first year, eligibility for aid is based both on the family's financial circumstances and the student's academic performance. While the college strives to minimize fluctuations in a student's award from year to year, some changes will be inevitable. A sibling's graduation from college or an increase in a parent's salary, for example, would decrease the student's need, and, correspondingly, his or her financial aid package. Likewise, the loss of a parent's job or a sibling entering college has the potential to increase the overall aid award.
Irrespective of changes in eligibility, Wheaton expects students to shoulder a greater share of college expenses as time goes on. Juniors and seniors have more earning potential than underclassmen, for example, and are able to borrow more money through federal programs. Expecting students to use these additional potential resources, the college packages slightly larger loans and larger work expectations from one year to the next.