4 Financial Aid Myths to Avoid

4 Financial Aid Myths

Are you fighting the Financial Aid fight? If you are then you will need some help. Here are the 4 most frequent financial aid myths that are out there right now. If you can avoid these you should have an easier time finding and getting financial aid.

Financial Aid Myth #1. "I make too much money to qualify" OR "My parents make too much money to qualify"

Never and I mean never assume that you make too much to qualify for aid. Too many students out there make this mistake. There is no earning limit cut off like so many people think. Your wages are only part of the equation. There are many other factors that are taken into account. The main one is the school that you are trying to get aid for. If you are making good money you may not qualify for aid for a community college but you may qualify for aid for a more expensive university. The amount of aid that you receive is determined by your EFC. Your EFC or Estimated Family Contribution once calculated will give you a number that you can gauge the amount of aid that you will receive. Do not rule yourself out until this number is determined. You may qualify for thousands of dollars of aid. Give yourself a chance and give it a try.

Financial Aid Myth #2.  "I am a home owner so I won't qualify for aid"

Most colleges don't take home ownership into account when determining aid eligibility. All that the college has to go off is what you put on your FAFSA application. A FAFSA application is your first step to receiving aid. In rare cases the college will use an additional aid form called a CSS form. And sometimes a college will place a cap on the account. This cap rarely exceeds 2.4 times the income of the family and it only happens if you are a dependent and your parents are helping you pay for college.

Financial Aid Myth #3. "I have too much money in my savings account to qualify for aid"

True, sometimes money in your account is taken in to account but it very rarely happens. You shouldn't just assume that you will not qualify for aid because of it. The most important thing is to try. Also, it is  important to note that students hardly ever get the full amount of tuition even if they get aid. Aid usually covers  the majority of the fees but you may still have to contribute. It is a good idea to have some money saved to go towards tuition, books, and fees.

Financial Aid Myth #4. "Financial aid forms are a waste of time"

Honestly, I am baffled that people think this. Granted, the forms really do take forever and they are tedious. But they are absolutely worth it. You simply cannot get aid without filling them out. If you gather all the materials and paper work that you will need before time this will help it go by a little quicker. You can find a list of all required documents on the FAFSA site. Get a snack and put on some music and commit yourself to fill out your FAFSA. Filling out financial aid applications is the best thing you can do for yourself when it comes to getting financial aid. You cannot hope to get any aid without them!