Financial aid can help significantly reduce the cost of college, but you have to apply. And unfortunately, students and families can sometimes hesitate to submit the FAFSA and other financial aid forms due to myths that can circulate through the ranks of the college bound. We’re here to dispel these myths, and help you understand the true nature of the financial aid application process. Read below to get the facts.
Myth: It’s Too Complicated and Takes Too Long
While the FAFSA has previously caused headaches for some families completing the application, the newest iteration is shorter, smarter, and more streamlined than it’s ever been. That means many families are completing the entire application in 10-15 minutes. Don’t be deterred by horror stories of the past. The application process using this year’s FAFSA should be pretty painless.
Myth: We Make Too Much Money to Qualify
Because of the complexity of the financial aid eligibility calculation, there’s not a clear income cutoff for those who qualify for financial aid and those who don’t. And because college can carry a heavy price tag, millions of students qualify for at least some kind of financial aid. In addition, every student, regardless of financial circumstances, qualifies for a Federal Direct Student Loan by submitting the FAFSA. This loan offers several benefits, including deferment options and income-based repayment plans. It’s worth submitting the FAFSA, at least for the student’s first year in college, to find out the financial aid available.
Myth: If I Apply for Financial Aid, I’m Entering Into an Obligation
Submitting the FAFSA doesn’t obligate a family to borrow a loan, attend a certain college, or pay for any particular expense. You can even send the FAFSA to a college where you don’t end up applying. Completing the form allows you to find out the financial aid you’re eligible to receive, but beyond that, it’s not an agreement to do, well, anything.
Myth: I Won’t Get Admitted If I Apply for Financial Aid
When admissions offices consider their pool of applicants, many don’t look at student finances or who applied for financial aid at all. Or, if they do, they only consider the financial circumstances of students once they’re filling their final remaining seats. And applying for financial aid isn’t telling an admissions office that you need a certain amount of aid to attend. It’s only letting them know you’d like to receive a financial aid offer. In general, colleges are going to accept who they want to accept, regardless of whether or not a FAFSA’s been submitted.
Myth: Our Neighbor Didn’t Get Any Aid at This School, So Neither Will We
Colleges award financial aid based in part on a family’s finances, but also on the competitiveness of the applicant. That means two students with similar financial circumstances could receive very different financial aid offers, if one student is a more desired applicant than the other. As a result, one family should never base their decision to apply for financial aid on the financial aid offer of another.
Myth: I Won’t Qualify for a Pell Grant, So There’s No Point in Applying
Federal Pell Grants are a significant factor in helping many students attend college, but they’re just one type of financial aid available. And because they’re only given to students with the highest financial need, millions of students don’t receive one. As a result, colleges and universities know they need to step in with other assistance, and therefore offer billions in financial aid dollars from their own coffers. So even if you think you won’t qualify for a Pell Grant, you should definitely still apply for financial aid. There’s a lot of other money to go around.
Bottom line: If you’re applying to a college and can’t afford the sticker price, submit your FAFSA and other required financial aid applications. Financial aid is there to help you pay for school and earn your degree, so take advantage of that opportunity. If you have questions about submitting the FAFSA, or how the financial aid process works, we’d love to help. Reach out to us at (800) 449-MEFA (6332) or [email protected].
