Scholarship Talk

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College is expensive – there’s no getting around that. With the cost of a college education continuing to rise each year, it’s not surprising that many kids forego a college education altogether and hit the work force straight out of high school. Not surprising, but disheartening, considering most of these kids probably believe several common financial aid myths they think would make them ineligible for college money.

Fortunately, financial aid is more readily available than you might think – but you won’t get anything if you don’t take the time to apply! Below, I’ve outlined several common financial aid myths that you might believe – but don’t! The following guide will debunk those myths for you and help you realize that financial aid is available to you, regardless of your income or other life situations.

Whether you’ve read false information somewhere and are now confused about fact vs. fiction, or you simply don’t know where to turn for financial aid information, the following information will help you make sense out of the financial aid process and how you can be eligible for more aid than you realized!

Financial Aid Myth #1: College is TOO EXPENSIVE

I won’t argue with you – college is expensive. It’s so expensive in fact, many students don’t even go because they’re not sure how they’ll get the money to fund their college education. While college costs may be rising each year, consider the fact that college graduates tend to earn the average of 1 million dollars MORE than non-college graduates do during their lifetime.

When you think of it that way, a college education seems like an excellent return on your investment.

Financial Aid Myth #2: Less Aid

People seem to be making a huge deal out of the financial aid “crisis,” claiming that there’s less aid available now than there used to be. Thankfully, that’s simply not the case. As a matter of fact, to compensate for the rising cost of tuition, more financial aid seems to be available for students in need.

It’s a common fact that most students use some type of aid to fund their college education. You should research your funding options carefully before committing to a particular financial aid package – choose the one that makes the most sense financially.

Financial Aid Myth #3: I’m Not A Good Student

So what? Perhaps you’re not a straight-A student, but that doesn’t disqualify you from applying for financial aid. While many scholarships might award money based on your academic standing, federal aid money is awarded based on financial need – not how well you did in school.

Financial Aid Myth #4: I applied for a loan, so I have to take it now

No, no and NO! If you or your family is awarded a college loan, you are under no obligation to accept it. However, you may want to compare loan interest rates and see if accepting a particular loan offer makes sound financial sense when compared to the overall financial aid package.

While you aren’t required to accept any loans offered to you, you might discover that a loan is just what you need to supplement other aid you are receiving.

Financial Aid Myth #5: My Parents make TOO much money

While you may believe that your parents make too much money to qualify you for financial aid, you couldn’t be more wrong. Many students are awarded aid – students who believed their families made too much money.

When looking at financial need, college financial aid administrators take a variety of factors into account, including mortgage costs, other children enrolled in school and other factors that could influence your eligibility for aid. So even if your parents make a lot of money, you can still be eligible for aid – so apply, already!

Financial Aid Myth #6: Living at home will lessen my financial burden

This may be true to an extent, but if you’re considering living at home to reduce your financial costs of on-campus living, you might want to reconsider. When you are deciding where you should live, you need to take every factor into consideration.

For example, if you live at home you need to think about commuting and parking costs. If you live on campus, you cut out those costs altogether and may find other benefits such as working on campus and other benefits.

Ultimately, you have to decide what’s right for you by looking at the overall financial package. If living on campus is cheaper, do that. Subsequently, you may find living at home is the best option for you. Research all your options before you commit.

Financial Aid Myth #7: Scholarship Money goes Unused

There are many scholarship search engines that claim this, saying that millions of dollars in scholarship money goes un-awarded each year due to lack of interest. While there might be a few scholarships that never award money to anyone due to lack of interest, the majority of money that’s set aside goes towards employees of a specific company or members of various organizations.

Unfortunately, there aren’t millions of dollars sitting around waiting for YOU to claim them. People who say that are usually less than honorable with their intentions, and operate bogus scholarship contests that do nothing but take your money and run with it. Just remember, scholarships are competitive and money isn’t just sitting around waiting for someone to claim it.

While there are certainly additional myths that circulate regarding financial aid, the ones listed above are definitely the most common. If you take the above information into account when you are applying for financial aid, you’ll realize that you’re eligible for a lot more than you may have originally anticipated.

Regardless of your income or other life situations, financial aid is designed to help as many students as possible. Don’t let false information deter you from obtaining a college education! Now that you know enough to debunk these myths, you can rest assured that you’ll be eligible for some type of aid – all you need to do now is apply!