When it comes to the college admissions process there are plenty of misconceptions swirling around, but the ones concerning financial aid are undoubtedly the most notorious. These financial aid myths can easily hurt the families of prospective and current college students from all over the nation.
Across the country, students are in the midst of figuring out where they will be headed next fall – and how they’ll pay for it. So, to help clear up some of the confusion, here are three common financial aid myths direct from the Financial Aid Officers at UC San Diego.
Myth 1: Only students from low-income families qualify for financial aid.
All families are encouraged to apply for aid, whether they think they qualify or not. Many are surprised to find they are eligible for grants or scholarships and almost all will qualify for low-cost educational loans for parents and students.
Myth 2: Applying for the FAFSA is too complicated.
It’s easier than ever to complete and submit your FAFSA form! While applying for financial aid can seem intimidating for the first time applicant, millions of people successfully navigate the process each year. The online FAFSA form was recently reduced from 27 pages to seven. Submit your FAFSA in January of your senior year in high school.
Myth 3: Each dollar my parents save hurts my chances to qualify for grants.
The amount in a parent’s saving accounts and other assets are indeed used in the federal formula that determines a family’s ability to contribute to college costs. However, a large portion of those savings are protected from consideration; it may be only a small percentage of the remaining amount that is considered an asset in the calculation of a student’s financial aid eligibility.
Still not sure if you are eligible to receive financial aid for college? Then check out our list of requirements by the federal government that students must meet in order to qualify!
For more advice on how to pay for college and maneuver your way through the financial aid process, check out our brand new FAFSA Guide.