Many Financial Aid Myths are Passed on By Hype and the Media

• Only Students With Good Grades Get Student Financial Aid
  
• It's true that many scholarships reward merit, but the vast majority of federal aid is based on financial need and does not even consider grades. Colleges also consider community service, participation in extracurricular activities and academic majors as other criteria.

• College Is Just Too Expensive for Our Family
  
• Despite the media hype and financial aid myths, the average yearly cost of a four-year public school in 2006-07 is just $5,836. Yes, there are some expensive schools, but high tuition is not a requirement for a good education. Both private and public universities are awarding financial aid to make an education affordable. However, they do not go looking for students that need help. You have to apply for financial aid.

• The Form is Too Hard to Fill Out
  
• The FAFSA is easier than ever to fill out. You can fill it out online. There are detailed instructions for every question. If you need help, you can access private online chat with a customer service representative. If you are filling out the paper form, you can get help from a high school guidance counselor or from the toll-free number: 1-800-FED-AID. Many colleges and schools have free workshops on how to fill out the financial aid forms. Keep in mind that it is possible to make changes in the form even after it has been submitted.

• Don't Even Consider Private Schools if Your Family Isn't Rich
  
• Not True!! As a general rule, the more expensive the school, the easier it is to show need. Sometimes, because private colleges have more institutional aid, an education at a private school could end up costing less than it would at a public college. In fact, you might have a better chance of receiving aid from a private school. Private colleges often offer more financial aid to attract students from every income level. Loans and grants are available to students from all income levels.

• My Parents' Income Is Too High to Qualify
  
• False! This is a common financial aid myth promoted by the media. Income is only one criteria used to determine student financial aid. Financial aid is intended to make a college education available to students of all income levels. Aid is awarded to many families who thought they would not be eligible. Always fill out financial aid forms, even if you have been refused the year before. Criteria is always changing and it is never a waste of time to fill out forms for loans, grants and other student financial aid.

  Move on to More Financial Aid Myths to continue learning about other financial aid myths.
  
  

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