Bad Financial Aid “Advice” To Avoid

Flickr user Alister Babb

If you are applying to college, you are sure to be looking for advice about student loans. While there is plenty of really good advice out there, we’ve come across some bad advice that you would do best to avoid.

Filing the FAFSA is a waste of time if your family income is above average

Filing the FAFSA is necessary for most types of financial aid, including some types that are not based on financial need. It is advisable for every college applicant to file the FAFSA, irrespective of family income.

You should accept all the financial aid that is offered to you

Colleges put together a financial aid package for you based on the information you provide on the FAFSA. If, after filing the application, your financial circumstances change and you do not need to borrow the full amount, you can opt to take a smaller loan. In general, you should never borrow more than you need.

A loan designed with you in mind

Variable cosigned rates from 6.22% - 16.08% APR with auto-debit

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Your financial package is final

No, it isn’t. You can write to the college’s financial aid office and explain your circumstances, whether you are appealing for more funds, or less. If a college can accommodate your request, they will.

Use College Raptor’s free Student Loan Finder to compare lenders and interest rates side by side!

 

Lender	Rates (APR)	Eligibility
	6.97%-15.03%* Variable 5.99%-14.00%* Fixed	Undergraduate and Graduate	VISIT CITIZENS
	6.37% - 16.70% Variable 4.50% - 15.49% Fixed	Undergraduate and Graduate	VISIT SALLIE MAE
	4.98% - 16.70% Variable 4.07% - 15.66% Fixed	Undergraduate and Graduate	VISIT CREDIBLE
	6.07% - 11.31% Variable 4.39% - 10.39% Fixed	Undergraduate and Graduate	VISIT LENDKEY
	6.22% - 16.08% Variable 4.09% - 15.66% Fixed	Undergraduate and Graduate	VISIT ASCENT
	6.54% - 11.08% Variable 3.95% - 8.01% Fixed	Undergraduate and Graduate	VISIT ISL
	5.62% - 18.26% Variable 4.11% - 15.90% Fixed	Undergraduate and Graduate	VISIT EARNEST
	4.98% - 12.79% Variable 8.42% - 13.01% Fixed	Undergraduate and Graduate	VISIT ELFI

College Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan.