Every year, thousands of students and families let financial aid myths and misconceptions stop them from applying for financial aid.
You may receive a lot of advice from friends, family members, teachers and others regarding scholarships, the FAFSA, financial aid deadlines, student loans, who’s is eligible for financial aid, what to do and what not to do. Some of the information you hear may be true, and some of the information may not be true or may be based on some financial aid myths that’s been spread around for years.
So before you take anyone’s advice or make any major decisions about NOT applying for financial aid to help you pay for your college education, you should get the truth from a reliable source such as your high school’s guidance counselor, a college’s financial aid administrator and/or certified financial or tax advisor.
Here are some financial aid myths dispelled:
- Myth 1: “Financial aid is only awarded to minorities and women”
- Myth 2: “Applying for financial aid is complicated and time consuming.”
- Myth 3: “I can’t afford expensive colleges.”
- Myth 4: “My family’s income is too high to qualify for financial aid.”
- Myth 5: “You Shouldn’t Apply for Financial Aid Until You’ve Been Accepted to college.”
Here’s the bottom line.
You should get the truth from a reliable source such as a high school guidance counselor, a college’s financial aid administrator, or certified financial or tax advisor before you believe any financial aid myths or act on certain information. So anytime you hear something negative about applying for scholarship and financial aid, it’s most likely a myth, misconception or the person you heard it from may have misunderstood what he or she heard. You should get the truth before you decide NOT to apply for scholarships and financial aid.