Financial aid myths are as common as urban legends. It is often difficult to sort out truth from fiction as the media and the internet is often the cause of this confusion. Thousands of eligible students neglect to apply for financial aid because they believe these financial aid myths. Many just throw up their hands and say:
"I'm not going to apply for student financial aid because...."
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.
College Is Just Too Expensive for Our Family
Despite the media hype, 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. By taking advantage of scholarships, grants, and loans, an affordable education is available. However, financial aid is not going to fall into your lap. You have to go out and get it.
The Form is Too Hard to Fill Out
The FAFSA (Free Application for Federal Student Aid) is easier than ever to fill out. You can fill it out online. There are detailed instructions for every question. 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.
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.
My Parents Saved For College So I Won't Be Eligible For Financial Aid
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
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
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
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
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.
These are just a few of the financial aid myths being hyped. For more information about other misconceptions, visit the website listed below in the resource box.
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 | 
