Financial Aid Myths

31 Jan 2020

by Nigel Maplethorne

“Don’t believe everything you hear on the street.” – Ernie Isley

We have all heard the common myths of financial aid. These very myths have become horror stories to those most affected by money matters when applying to college. Please, put your minds at ease. After all, a myth is just that: a myth.

1.Private, small scholarships will pay most of your way through college.”

FALSE.

Most of your financial support will come from the school itself, or institutional aid. This means that most of your efforts in affording college should be focused on making yourself desirable to the school so that they will give you extra money to attend.

2. “I’m too well off, so I won’t get any aid.”

FALSE.

There is always merit aid, and it could pay a significant amount of your total cost of attendance. This is why you have put extra effort into submitting a stellar application and essay.

3. “I’m too poor, so I won’t be able to afford college.”

FALSE.

If you have a great level of need, all you have to do is find colleges that offer lots of aid. There are TONS of grants and scholarships out there that could cover a large portion of your need. Also work study, and you’ll probably have to take out a loan, but there’s NO reason why you shouldn’t be able to afford college.

4.Athletic scholarships will pay my way.”

FALSE.

Most athletic scholarships are on the smaller side, and will not be sufficient to cover tuition. Make sure you have other marketable qualities and a killer essay to cover the rest.

5.I don’t need to fill out the FAFSA because I make too much money to get aid.”

FALSE.

Most schools use the FAFSA to get the information they need to offer merit-based scholarships and grants, as do other outside scholarship providers. If you want to receive financial aid, you need to fill out the FAFSA! 

PS: Don’t worry too much about this now, as we’ll talk more specifically about financial aid in personal meetings. This is just a broad overview of misconceptions concerning financial aid. 

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