Diving into the world of financial aid can be confusing, so today we thought we’d dispel a few common myths about paying for college.
• My family makes too much money to qualify for financial aid. Don’t assume that’s the case. The amount of aid can vary, depending on the tuition costs at the school that you’re planning to attend.
• I don’t have the grades to qualify for financial aid. Most federal student aid programs don’t consider your grades when reviewing your Free Application for Federal Student Aid (FAFSA). However, once you’re in school, you need to maintain satisfactory academic grades to continue to receive federal aid.
• I’m too old to receive financial aid. Fortunately, there’s no age restriction on applications for financial aid.
• You apply once and that’s it. You need to complete the FAFSA every year that you’re in college to continue to receive loans, scholarships, and other aid.
• You’ll receive the same amount each year. Whether you’re receiving a scholarship or a grant, read the fine print. You may not be receiving the same amount for each year that you’re in school. Also, keep in mind that tuition costs are likely to go up during the time you’re in school, so the aid you receive in your first year may not cover as much in your latter years in college.
Remember, you don’t have to go it alone! There are lots of resources available to help you find ways to pay for college and help make sense of your financial aid options.