5 Myths about College Financial Aid

As your adolescent applies to school and you see how much it costs, do not let your fears overshadow an exciting time in your kid’s life. The key will be to not consider the fiscal myths surrounding the cost.
Myth #1: you will need to pay the whole price of school out of pocket.
Many pupils add the cost of living, textbook fees and the tuition price and say there’s no way they are able to manage school. The fact remains college students need some type. Your kid can receive a mix of grants, loans, scholarships or work study jobs to reduce the price. Your pupil and you may also need to research different schools according to affordability.
Myth #2: You must be really gifted, really bright or really poor be eligible for financial aid.
Financial aid comes in many forms– scholarships and grants, which do not need to be refunded, and loans, which do have to be refunded. There’s demand-based assistance for pupils of lower income families, and value-based support for pupils who excel in community service, sports, music and many other places. Financial aid sources are varied, the school or university the federal government, your company, also– itself, and many more. Explore all the possibilities; you will be surprised.
Myth #3: You will get more scholarships by paying someone to hunt for you.
Beware of person or any group if you pay a fee that ensures a scholarship. There are a number of free and great scholarship sources online. Check out fastweb.com or finaid.org to find out more, and take a look at the free scholarship search at collegenet.com.
Myth #4: If school is paid for by your kid, your salary does not matter.
Most schools require pupils to submit the Free Application for Federal Student Aid (FAFSA) so that you can qualify for need-based assistance. The form, accessible online at fafsa.ed.gov, asks for advice similar to what is needed for income taxes. See ACT’s financial aid calculator to get an approximation of your estimated family contribution, if you’ren’t ready to file yet.
Myth #5: you’ll be able to wait before worrying about financial aid until you get taken into a school.
Seeking financial aid likely is not your kid’s notion of a time that is good, but it is not worse than graduating from school with a tremendous debt

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