Financial Aid Myths
If you are considering college you may receive financial aid advice (solicited or unsolicited!) from friends, family, or coworkers and never do the research to see how much of it is true. When it comes to getting financial aid for college, remember that you shouldn’t believe everything that you hear. Here are some common misconceptions about financial aid:
I won’t qualify for aid because my family’s income is too high.
Financial aid offices consider many factors when determining a student’s financial aid eligibility, and not all aid is based on financial need. Your family may have more of a financial need that you realized, especially if there are other family members attending college, an aging parent, or home mortgage costs. You could also qualify for merit-based scholarships based on factors like academic excellence, athletic ability, or community service.
I can’t afford to attend more expensive schools.
Do the math: the more expensive the school, the more your financial need increases. Don’t dismiss a school based on the tuition costs. You might qualify for more aid because of that factor.
Paying someone to search for scholarships will help me find more of them.
You should never have to pay for a scholarship search. In fact, if a web site or seminar claims that it will guarantee you a scholarship if you pay them to search, it is probably a financial aid scam. Do the research yourself by going to your financial aid office and by searching online using free scholarship searches.
I have to be a great student, have phenomenal athletic abilities, or be a minority to get aid.
Funds from federal student aid are based on need, not on grades, race, or other abilities.
Applying for aid is too complicated and confusing.
While you will have to do a little work to collect the documents you need to complete the forms, applying for aid is easy because you have resources. There are detailed instructions for completing the FAFSA (Free Application for Student Aid), and your financial aid office should be able to answer any questions you might have.
I have to wait until I’ve been accepted to a school before I can apply for aid.
This simply is not true. In fact, you should begin collecting all the necessary documents for completing the FAFSA prior to January 1 of the year you plan to enroll. You may complete your FAFSA as early as January 1.
