College funding and the related finance options seem to be constantly misinterpreted or confused. The serious trouble is when you forgo the best of opportunities due to these misinterpretations. We have efforts to tabulate the myths and facts about the various issues that often come up.
College Financial Aid Myths – Don’t Believe Them!!
| S.No | College Financial Aid Myths | College Financial Aid Facts |
| 1 | College Education is Expensive | The statement tends to set aside college education only for a preferred class. While the fact is that it is far more affordable than what it is portrayed. If you take into account the annual tuition cost of a graduate program in a public college, it is well within $7,000. While it is a fact that expensive colleges do exist, good education has no relation to the price. |
| 2 | Stay at Home to Cut Cost | This is not true. Commuting from home involves expenses such as traveling, parking and it also steals your study and working time. Instead if you are put up in the college you can look for college based jobs for earning and set aside time for study as well. |
| 3 | I do not have good grades, I cannot qualify for financial aid | While maintaining good grades is a prerequisite for merit based financial aid programs, not all aid programs are merit based. Lot many of federal scholarship and loan programs are need based ,where scores and grades are hardly considered |
| 4 | Financial Aid is not available sufficiently | Financial aids are available in the form of scholarships grants and loans. Most of the students benefit from some form of aid. Close $143 billion are available for financial aid to students. The students should be aware of the most beneficial financial package that will help them make use of the financial aid programs offered |
| 5 | I cannot concentrate on my studies if I work | The fact is that those students who work moderately show better academic progress and achievement than those who overdo and those who never work |
| 6 | Never consider private colleges | The notion is that private colleges charge exorbitant fee towards the cost of education and it is impossible to afford such huge cost. Remember , it is only with these college will you find the best of financial aid programs especially to attract students, considering the high cost of education |
| 7 | I have money saved for my college, I cannot think of financial aid | It is never wrong to save money. It is rather better as it helps you finish your student loans faster. While granting a financial aid option, what is considered is the income of the parents and not their assets. |
| 8 | Applying for a loan option means, one should definitely avail it | Making a loan application does not force you to take it. In fact, experts in financial aid solutions expect you to get quotes from various lenders and compare them before choosing one of them. |
| 9 | If I join college, my parents have to sell their house in order to pay for it | This statement is completely false. While home equity may be considered while deciding institutional grants, nobody will want you sell the house, as it is the income factor which plays a stronger role than assets |
| 10 | Financial Aid Deal can be Negotiated | If you are under the impression that every financial deal can be negotiated stating your family circumstance, then I am sorry not all institutions will be willing to change their rules and regulations for the sake of you. |
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Your blog is a very good blog. Thanx for all your posts. I hope you ll post more soon.
@ Ricky Carrigan: Hi thanks for leaving the comment and appreciating Student Loan Blog.
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