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Students: Don’t believe these college Financial Aid myths
College application season is in full swing. As students live in fear of a
rejection letter, parents worry more about how they’ll afford the tuition when
their child is accepted.
College is expensive, but tuition fears shouldn’t overshadow an otherwise
exciting time in a teen’s life. The key is to not to believe the financial myths
surrounding the price of a higher education.
Myth #1: You can’t afford college.
Many parents and students see the tuition price, cost of living in the forms and
the textbook fees, and say there is no way they can afford college. The truth is
most college students require some form of financial aid. In fact, nearly 75
percent of 2006 high school graduates who took the ACT reported that they need
help to pay for college. Don’t ignore college because of its “sticker price.”
Students can receive a combination of grants, loans, scholarships or Work Study
jobs to help reduce the cost.
Myth #2: You have to be very poor, very smart or very talented to qualify
for financial aid.
Financial aid comes in many forms – grants and scholarships that you don’t have
to repay, and loans, which you do have to repay. There is a need-based aid for
students of lower income families, and merit-based aid for students who excel in
athletics, music, community service and many other areas. Financial aid sources
are as varied, too – the federal government, the college or university itself, a
parent’s employer, and others. When students take the time to explore all the
possibilities, they will be surprised at what offers they may receive.
Myth #3: You can get more scholarships by paying someone to search for
you.
Scholarship scams are everywhere. Beware of any group or individual that
guarantees a scholarship if you pay a fee. There are many good and FREE
scholarship sources on the Internet. Check out
www.fastweb.com or
www.finaid.org for more
information.
Myth #4: My child will pay for college, so my salary doesn’t matter.
Most need-based financial aid is based on parents’ income and assets. Most
schools require students to fill out the FAFSA, the Free Application for Federal
Student Aid, in order to qualify for need-based aid. The form, available online
at www.fafsa.ed.gov, asks
for information similar to what you need for your income taxes. After submitting
the FAFSA, students receive a report that shows how much the government expects
you to pay for toward your child’s education. If you aren’t ready to file yet,
visit www.act.org/fane/ to get an
estimate of your expected family contribution.
Myth #5: You can wait until you get accepted to a college before worrying
about financial aid.
Most financial aid is doled out on a first-come, first-served basis. No one
should wait to get started. Looking for financial aid probably isn’t a teen’s
idea of a good time, but it is better than graduating from college in debt.
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