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Writer's picture7 Second College Consulti

Myths we told ourselves.

Debunking financial aid myths

Myth: My family's income is too high to qualify for federal financial aid. Fact: Student and family income isn’t the only factor that the government uses to decide if a student qualifies for federal financial aid. The only way to know for sure if you’ll qualify is to fill out the FAFSA.6

Myth: My family has money saved for college so we won't get any federal financial aid. Fact: Savings might not be a major factor when a school decides if a student qualifies for Federal Direct Unsubsidized Loans. There are allowances for savings and assets.7

Myth: My sibling wasn't eligible for much federal financial aid last year, so I won't be eligible when I enter college. Fact: Actually, the number of family members in college might have a favorable impact on your financial aid eligibility.8

Myth: I’m only attending college part-time, so I won't be eligible for federal financial aid. Fact: Financial aid is available for part-time students. Talk to the financial aid offices of the colleges you’re interested in attending about aid for part-time students.9

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