Applying for financial aid: do not believe groundless myths

Applying For Financial Aid: Do Not Believe Groundless Myths

The issue of financing children’s education has always been important for all parents. The greater part of them starts thinking about college right after the birth of the child. Since financing education is a serious matter, and it concerns money, the issue of financial aid has begotten a number of myths, which are groundless statements about the availability of financial aid for higher education after graduation from high school. With the help of this article, an attempt will be made to throw light on the myths of student financial aid.

Myth 1

A student can think that him/she is not eligible for financial aid since he/she considers that the income of his family is too high. In case if you really want to get the answer to this question, you should fill out the FAFSA that stands for Free Application for Federal Student Aid. The federal government does not pull financial aid out of a hat, they apply a special formula that includes a number of certain factors:

1.the number of children of college age in the family;

2.family’s income;

3.the assets of children.

Myth 2

Some applicants think that if their parents have savings for their studies, they are not eligible for financial aid. In truth, it is not really so since government does not demand any sacrifice from your family.

Myth 3

Those applicants that plan to get part-time education often think that they are not eligible for financial aid as they will not be full-time students. Still, there is financial aid for part-time students, so this type of education does not doom you to its self-financing.  

Myth 4

There is common opinion that it is impossible to provide all applicants with financial aid. There is a grain of sense in it, but the amount of federal aid becomes greater every year and the one who asks for aid, evidently, has more chances to get it than the one who does not apply.

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