can a school rescind on its financial aid contract?

[golonghorns]

i signed a contract when accepting my offer to receive a set stipend amount....can the school now send me a new contract offering 2k less? is this legal? WTF

[aginath]

Are you talking about a departmental funding offer or federal financial aid? I would think these are apples and oranges. I do know that a school can change your financial aid offer even after you accept it. It happened a few years ago when a few banks folded and schools couldn't offer as many loans.

[purplepepper]

actually, i think it is legal even though it sucks. there is probably a clause in your contract saying that funding is guaranteed but contingent on school resources...so if your school loses some resources you lose some funding. very boo.