So, you’ve decided to pursue higher education! Whether you’re a recent high school graduate or an adult learner, congratulations on this significant step.
One of the first things you’ll encounter is how to pay for college. Here’s our top advice: clear your mind of all the myths and misconceptions you’ve heard about applying for federal student aid.
Myth #1: There’s no rush to submit the FAFSA.
Fact: Submitting your FAFSA early can significantly impact your financial aid package. Deadlines for federal, state, and school aid vary, so pay attention and file as soon as possible!
Myth #2: My family makes too much money, so I won’t qualify for aid.
Fact: Every student should fill out the FAFSA, regardless of family income. Financial aid considers more than just income, such as college costs, siblings in college, and other factors. Most students receive a mix of grants, scholarships, loans, and work-study opportunities.
Myth #3: I support myself, so I don’t need to include my parents’ information.
Fact: The federal government may still consider you a dependent, even if you’re financially independent. The FAFSA will help you determine your dependency status, which affects whether you need to include your parents’ information.
Myth #4: My grades don’t affect my financial aid.
Fact: Your grades do matter! To continue receiving aid, you must meet satisfactory academic progress (SAP) requirements, which vary by school. Make sure you understand your institution’s policies.
Myth #5: I won’t have to repay my financial aid.
Fact: Only grants and scholarships are gift aid. Loans need to be repaid with interest, though some federal loans offer more favorable terms than private ones. Around 35% of financial aid comes in the form of loans.
Myth #6: I only need to apply for financial aid once.
Fact: You must complete the FAFSA every year to continue receiving aid. Each year’s application reflects changes in your family’s financial situation, which can impact your award.
Myth #7: Private colleges are out of reach financially.
Fact: While private colleges can be more expensive, they often offer substantial financial aid packages. Always explore your options and complete your FAFSA.
Myth #8: A work-study job will disrupt my academic success.
Fact: On-campus jobs are typically designed with student schedules in mind, often requiring only 6-10 hours per week. These jobs can help you manage your time, build professional skills, and lessen your reliance on loans.
Have you heard any of these myths before? Now that you know the facts, take action! If you’re still unsure about anything, speak with your college financial aid advisor. They are the experts on campus and can offer guidance tailored to your situation.
Remember, the only way to know what aid you qualify for is to apply!
#FAFSA #FinancialAid #CollegeStudent #University #Scholarships #CollegeSuccess
