Save Money Financial aid may plummet after your freshman year

More than 72 percent of college students ages 18 and younger received scholarships, grants or other free money in 2015-16, according to the latest data from the National Center for Education Statistics. For students ages 19 to 23, that percentage is less than 65 percent.

Here are some reasons your free money may disappear after freshman year.

Some scholarships aren’t renewable: For example, some schools award incoming freshmen a one-time scholarship for visiting the college’s campus or interviewing with the school, says Tori Berube, vice president of college planning and community engagement at The NHHEAF Network Organizations. Some scholarships are renewable if you meet specific requirements.

Financial situations change: For example, say your older sibling graduates or moves out of your parents’ house while you are enrolled. The financial aid calculation now sees your family as having more available income, which increases the amount you’re expected to pay out of pocket.

Tuition and fees increase: Even if you receive the same amount of aid year after year, it may feel like less because your college’s costs increased. On average, tuition and fees have risen roughly 3 percent annually over the past 10 years, based on data from the College Board. To help predict future tuition and fee increases at your own school, look it up on the College Navigator website. — Nerdwallet