Five Financial Aid Myths
Many misconceptions people have about college revolve around financial aid. One of the most common myths about college financial aid involves people thinking they make too much money to qualify. What many people do not realize is that financial aid comes in many different forms and from many different sources, so even those who make a good income can qualify for some type of financial aid. Below, we set the record straight regarding five common financial aid myths by providing the
facts about financial aid. Myth
#1: I can’t afford college. Fact: This is one of the most common college financial aid myths. Many people calculate the cost of tuition, textbooks, and supplies and think there is no way they can afford to attend college. Research shows that two out of three students receive some type of financial aid to pay for school, making a college education more attainable than many would think. Don’t disregard a college based on its high tuition, either. In general, the more a school costs, the more financial aid students receive to cover the costs. In addition, there are numerous sources that provide funding for college, allowing students to afford schools they thought were out of their reach.
Myth #2: You have to be very poor, very smart or extremely talented to qualify for financial aid. Fact: There are two different types of aid a student can receive: need-based aid for those who have lower incomes, and merit-based aid for those who excel in athletics, debate, instrumental music, community service, and other areas. Financial aid is available from a number of sources, including the federal government and state government, the college you plan to attend, and numerous other sources. When students take the time to research all of their options, they are often surprised by some of the sources offering financial aid. A good resource for college financial aid is the website where you can obtain information regarding different sources of financial aid.
Myth #3: The paperwork is too complicated. Fact: The main purpose of the Free Application for Federal Student Aid (FAFSA) is identifying low-and middle-income families qualifying for federal Pell Grants. To apply for aid, most colleges only require the FAFSA. Most of the information the FAFSA requires is already available on your tax returns, simplifying the process. The form’s instructions walk you through the process, but you can also receive assistance filling out your FAFSA online or by phone. You have the option to complete the form in one sitting or save your answers and complete it over multiple sessions when you fill out the FAFSA application online.
Myth #4: I can wait until I get accepted by a college to apply for financial aid. Fact: Most financial aid is distributed on a first-come, first-served basis. Since the majority of students search for some type of financial aid, you shouldn’t wait too long to get started. If the task of researching financial aid options seems daunting, just remember that a little work searching for financial aid can go a long way toward funding your education.
Myth #5: My aid award is final. Fact: School policies on negotiating financial aid awards vary significantly. One fact many people don’t realize when it comes to financial aid tips is that schools will often negotiate aid awards in order to ensure that their freshmen slots are filled. Those who try negotiating their financial aid award with highly selective private schools, however, are usually not successful. Financial aid officers at elite school have less of an incentive to negotiate because these schools are more competitive in terms of number of applicants.
If you think you can’t afford the high cost associated with a college education, let Fremont College help you obtain the education you deserve without getting into debt. Our expert financial aid team can help you get the money you need to pay for school. We offer accelerated degree programs in Multimedia Design, Business, Paralegal Studies, and Healthcare that take just 15 months to complete, which means you will be able to utilize your skills in just over a year. We also assist with job placement and prepare you for your career from your very first day at Fremont College. Contact us today to find out how much financial aid you qualify for.