When it comes to applying for college, too many students limit their opportunities because of money. What stymies them from exploring options that might not otherwise consider is they believe some widespread myths about financial aid and their abilities to access funding for schools they thought were out of their reach. Let’s break down some of these myths and open some doors.
- Myth 1: College Is Unaffordable: Sure, there’s a huge sticker shock that comes with tuition, room and board, and other expenses associated with higher education. But here’s the rub – most people do not pay full price for college. Many private universities have endowments and funds that significantly reduce the tuition, in addition to financial aid. It’s just a matter of applying.
- Myth 2: Aid Is Only for Minority Groups: While there are some scholarships and grants specifically designated for people from certain ethnic backgrounds, the reality is financial aid is available for EVERYONE. In fact, applicants aren’t even asked about their race when submitting their FAFSA forms. Decisions are made and aid is awarded based on the family’s financial situation and ability to contribute.
- Myth 3: There’s Not a Lot of Aid Available: Actually, the amount of financial aid has increased significantly over the last several years, especially for private institutions. Over $58 billion is available. There are also low interest loans for which students can qualify.
Myth 4: My Income Is Too High for My Child to Get Aid: This myth stems from the fact that schools do consider family income as part of the overall formula to determine how much aid to offer. However, salary is only one factor. Family size, number of students in college, taxes, and many other things are taken into consideration. And one of the most overlooked truths about financial aid is that many private institutions have merit-based money. This means grades, SAT and ACT scores, and activities all count toward how much money your child can earn toward tuition. - Myth 5: The FASFA Form Is Hard to Fill Out: Many students and parents dread completing the Free Application for Student Aid, also known as the FAFSA. It’s less challenging than you might think. The online form has clear directions to follow with each section. You can review it before submitting. Also, there are workshops to help you understand how to apply. Plus, each school’s admissions and financial aid offices have people who can help you if you’re unsure.
Don’t let these common myths prevent you or your child from getting the financial aid you need to make school more affordable. It’s there for the taking, so ask!
