Financial Aid Mythbusters

There is a lot of information out there about paying for college, but some of  it is false. Let’s look at the truth about some of the myths you may have heard.

Myth:  You can’t afford college, or you can’t afford the college that you want to attend.

Myth Busted:  Let’s face it—a college education can be expensive. It’s the largest investment many students and their families will ever make. However, it is an investment in your future. Students can receive grants, scholarships, and loans, and can participate in work-study programs to reduce the immediate out of pocket cost.

Myth:  My family makes too much (or too little) money to pay for college.

Myth Busted: The student and his or her family are responsible for paying for the student’s education; however, financial aid is intended to make a college education available for students from many financial situations.  Almost all college students, regardless of their family income, are at least eligible for a low interest student loan through one of the federal government’s student loan programs.  You become eligible for these loans by completing the Free Application for Federal Student Aid (FAFSA).

Myth:  I am not a straight “A” student, so I won’t qualify for a scholarship.

Myth Busted: While there are many academic-based scholarships, the vast majority of financial aid still comes from the federal and state government and is awarded based on financial need.  Regardless of your grade point average, it is recommended to look at other sources of awards, such as scholarships from local service clubs and organizations, professional organizations, nationwide corporations, and religious or ethnic affiliations.

Myth:  Scholarship services can guarantee a scholarship for a fee.

Myth Busted:  Legitimate scholarships do not require a service fee. If you find a scholarship application that requires a payment of money, do not complete the application or submit a payment. These so-called scholarships are scams. Report any scholarship that requires a fee to your high school counseling office or student affairs office at a college. A college application fee is the only application fee you should submit.