There’s no doubt that the financial aid can be one of the biggest aspects of gaining college admission, and yet, there are certain myths that prevent people from actually benefitting from this form of aid. It really doesn’t matter what your economic status is as there is something in it for everyone.
So, here are four financial myths that one can be aware of, when they are looking to gain college admission for themselves or their loved ones:
Myth #1: My income is too high to apply for financial aid
It would be an incorrect assumption if you thought that you would be disqualified for need-based financial aid just because your income is pretty high. Perhaps, the biggest factor here depends on what is the cost of tuition at the college you are applying to.
Myth #2: Home equity that I’ve built up won’t let me qualify for financial aid
Owning a home has absolutely nothing to qualifying or not qualifying for financial aid as most schools rely on the federal aid application that won’t ask parents whether you own a home or not.
Myth #3: I have too much money in child’s college fund to qualify for aid
Since less that 4 % of Americans are penalized for saving more than what is required for their kids’ college fund, it only goes to show that one can still get financial aid no matter how much you’ve saved.
Myth #4: A complete financial aid form is a waste of time
When it comes to need-based aid, it is important to fill out your financial need documents meticulously, as only by doing this one will be able to qualify for financial aid.