Top Ten Financial Aid Myths
My child will earn a private scholarship
Reality check: Private scholarships account for only about 3.4% of financial assistance across the country each year.
My child’s grades aren’t good enough to earn financial aid
Reality check: Unless your child is failing school, his or her grades don’t even factor into aid calculations.
Financial aid is only for special groups
Reality check: Need-based financial aid is based on a formula assessing such things as income, assets and where your child is going to school, not whether he or she is part of a special group.
I can’t qualify for aid if I own a home
Reality check: Federal funds applications don’t even ask you to list your home’s value.
All schools meet the same percentage of need
Reality check: Some schools meet 100%, some meet as little as 30%. You can learn these statistics before applying to a specific school.
State schools will cost less in the long run than private colleges and universities
Reality check: Out-of-pocket costs may actually be less for a private university than a state college.
School funding packages are not negotiable
Reality check: Some schools mis-award aid to students, some schools under-award (sometimes intentionally) and some schools try to compete with other schools.
Families in higher income brackets can’t qualify
for financial aid
Reality check: Most people can qualify for some form of financial aid, especially if you understand the process and your legal options.
Guidance counselors and other school staff can help me
Reality check: Asking school personnel to help you save money on tuition is like asking the IRS to help you save money on your taxes.
Applying for financial aid is an easy process. I can figure it out myself.
Reality check: It is highly unlikely that you have the time, energy and access to resources that will let you secure the maximum amount of financial aid your child is eligible for. It’s just too complicated!
