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More Financial Aid Myths for You to Consider
Have You Heard and Do You Believe These?
Listed below are more financial aid myths continued from the previous page:
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The fact today is that most financial aid comes in the form of low-interest loans and grants. If you have been saving for college, that will reduce the amount of debt incurred. Only a portion of assets are assessed on the FAFSA and a families share of college expenses is based mainly on income, not on assets. In the long run, saving will make it easier to pay the college bills. Also remember that as the savings are depleted, your financial need rises and your eligibility for financial aid will be higher
- Financial Aid Funds Are Dwindling Every Year
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Again, here is another myth promoted by the media. Financial aid scams abound, and this is a scare tactic that is repeated over and over. Student aid has increased significantly over the last few years at private colleges. Much of this increased aid is in the form of scholarships and grants that do not have to be repaid. After adjusting for inflation, institutional grants have doubled over the past decade.
- I Should Live at Home in Order to Cut Costs
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Living at home may not be the best way to cut costs. With the cost of gas and parking fees, you may find you are not saving all that much. If you are living on campus, you may be eligible for work-study programs that would not be available to you if you are living at home.
- You Have to Be a Minority to Get Financial Aid
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Funds for student aid programs are awarded on the basis of need and/or merit. The FAFSA doesn't even collect this type of information about an applicant. Forms for private loans and grants are not allowed to request this information.
- Millions of Financial Aid Dollars Are Unclaimed Every Year
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Once again, this financial aid myth is promoted by professional scholarship search services. Most of these "unclaimed scholarships" are reserved for a few eligible candidates such as company employees, town residents, or students from local areas entering into specific majors such as nursing, engineering, etc. If you are looking for private scholarship money, you should begin your search as early as your sophomore or even your freshman year in high school.
Check out this page if you missed the beginning of this list and want to read more financial aid myths
Return to Home Page from More Financial Aid Myths
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Commom Myths Explained
These are some of the most common financial aid myths. Each year there are more and more financial aid myths being spread. They are as common as urban legends. The most important message from these financial aid myths is that there is money available for student financial aid. All college options should be investigated. Don't let the published price of a college education stop you before you start the search for college financial aid. Don't let these financial aid myths discourage you from applying to the college of your choice.
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