Scholarships are the most well-known form of financial aid, and for good reason: scholarships and grants make up about 57% of all aid awarded each year. But just because their well-known doesn’t mean they’re always well-understood. Myths and misconceptions have sneaked their way into the conversations over the years and have muddled the truth about …
College Myth: Only Students with a 4.0 GPA Get Scholarships
There is such a heavy emphasis placed on good grades and a high GPA–and for good reason, of course. GPAs can determine anything from college admissions to selective schools to qualify for scholarships or grants. What happens if you’ve got a few B’s thrown in there with the other A’s? Or what if you have …
College Myth: Only Graduating High School Seniors Can Apply for Scholarships
Each year, about $46 billion of scholarships and grants are awarded by schools and the federal government. An additional $3.3 billion is awarded by private sources. There is a lot of aid out there, but it isn’t all awarded to just the graduating high school seniors. Myth: only high school seniors can apply for scholarships. …
College Myth: Students Shouldn’t Have Their Own Credit Card in College
A common worry among most college-bound students and families is their finances. The cost of college has risen dramatically in the past years and hunting for scholarships and deciphering financial aid can be tough. Then there are the smaller scale questions of how they actually pay for their everyday purchases. Will their home banking still …
5 Myths About College Costs & Financial Aid Every Parent Needs to Know
When it comes to the cost of college, there are a lot of myths out there. Many times, these myths can scare students and families away from colleges that might have been very affordable, or even cost that family thousands of dollars in lost financial aid opportunities. Understanding how both the cost of college and financial …
College Myth: Most Colleges Are Way Out of My Price Range
If you’ve just started your college search, you may be shocked to discover that the cost of attendance at your dream school is tens of thousands of dollars per year outside of your price range. How does anyone afford college at this price? Very few students pay the sticker price to attend college Nearly all …
College Myth: Financial Aid is Only for Poor Students
Many students from middle class and upper middle class families assume they won’t receive any need-based financial aid. This isn’t necessarily the case. Need-based financial aid Colleges and the government decide how much need-based financial aid you’re eligible for by subtracting your expected family contribution (EFC) from your college’s cost of attendance. If there’s a …
College Myth: I Don’t Need to Fill Out the FAFSA; I Won’t Get Financial Aid
There are students who think they’re won’t get financial aid from the federal government. Therefore, they sometimes don’t see the point in filing the FAFSA (Free Application for Federal Student Aid). However, these students don’t realize that they may be missing out on grants and scholarships from their college. They’re even missing out on low-interest-rate …
College Myth: College is for Rich Kids
You’ve probably heard horror stories about students who pay $60,000 plus every year to attend college. If you’re an average middle-class college hopeful, this can be disheartening. It seems like college is for rich kids only, and not as accessible to other students. The good news is that the most-often quoted price–the sticker price–is paid …
College Myth: I Could Never Afford to Pay for an Ivy League College
Most students who consider attending an Ivy League college, like Harvard and Stanford, think of them as dream schools. Even some well-qualified students shy away from applying. They think they could never afford an Ivy League college. The good news is that, for most students, Ivy League colleges and other elite, selective universities are often actually …