| Every year billions of dollars in financial aid is available to students who need help paying for their college education. However, there is a lot of inaccurate information floating around and many students and college bound parents are misinformed who is eligible and who is not. In this article, we are going to debunk some of the myths for those looking to get financial aid.
Every year there is less and less aid available to students. Our family cannot afford college as it is too expensive. |
 |
My family makes too much to qualify for financial aid.
Aid is projected to make a college education available for all students regarding of their families financial situations. College aids administrators will not only consider annual income but also other family members in college, mortgage costs and other factors. It is a good idea to speak to a certified college planner to see if aid is available to your family regardless of high income which you think will disqualify you.
My parents saved for college, so we won’t qualify for aid.
The aid you will receive will need to be repaid some day, since most of the financial aid comes in the form of loans. Saving money for college will help you have fewer loans to repay. However, it will not make you ineligible for aid if you require it.
I am not a great students and do not get A’s so I will not qualify for financial aid.
Many scholarships reward merit, but most federal aid is based on financial need and does not consider your grades.
If I apply for a loan, I have to take it.
You are not obligated to accept any loan(s) that you have been awarded. We recommend comparing the loans with other aid which you have received to determine the best financial deal.
Having a job and working will hurt my academic achievements.
Some students who attempt to work full-time and go full time to school, do have a hard time managing and getting their tasks complete. Recent research shows that students who work a moderate amount often do better academically. It is a good idea to obtain a job on-campus that is related to your career goals. And it is also a great way to help pay college costs, get experience, and create a relationship with the college or university that you are attending.
Every year millions of dollars in scholarships go unused every year.
Professional scholarship search services often tout this statistic. In fact, most unclaimed money is slated for a few eligible candidates, such as employees of a specific corporation or members of a certain organization. Most financial aid comes from the federal government, however there are other private awards and grants available. We recommend to research nonfederal sources for financial aid.
My parents will have to sell our house to afford my college educations.
College bound parents assume that home value is not considered in calculations for federal aid. Colleges take home equity into account when determining how much you are expected to contribute to college costs. Just to clear this myth, no college will expect your parents to sell their home to pay for your education.
Living at home will help me cut costs and help me save money.
Living at home may not be the best way for you to save money and cut costs. Lets consider that you will be commuting to school. Make sure you take fuel costs, parking, tolls and other expenses into consideration. Living on campus may actually create more opportunities for work and help you reduce commute expenses dramatically.
Just because a belief about paying for college iscommon, doesn’t mean that it’s true. Call us for your free consultation at 973-514-2002 and let us separate fact from fiction.
Learn more about our customized college planning consulting packages.