When applying for financial aid, there are a few myths that might be holding you back. Here are 15 of the most common myths that are not true.
1. You need to have perfect grades and a perfect SAT/ACT score to receive financial aid.
While having good academic records is always a good thing, there are many other factors that can determine whether or not you’re eligible for aid. For example, if you have a low income or are a first-time student, your grades and test scores might not be as important.
2. You need to be a full-time student to receive financial aid.
Many student aid programs are available to part-time students as well. In fact, many students who are working part-time can still qualify for many types of student aid, including loans, grants, and work-study programs.
3. You need to file your FAFSA (Free Application for Federal Student Aid) every year.
The FAFSA is required only if you are applying for aid for the first time in the upcoming year. If you are considering changing your enrollment status (for example, from full-time to part-time), you don’t need to file the FAFSA again.
4. You need to have a certain income to receive financial aid.
There is no set income limit for receiving financial aid. In fact, many scholarships and grants are available to students from all income levels.
5. You need to have perfect credit to receive financial aid.
Many student loans and grants are available to students with poor credit ratings. In fact, many banks and other lenders offer student loans to people with poor credit ratings as well.
6. You need to have a certain GPA to receive financial aid.
There is no set GPA requirement for receiving financial aid. In fact, many student aid programs consider a variety of factors, including your class rank, the grades you earn, and the extracurricular activities you participate in.
7. You need to be a US citizen or permanent resident to receive financial aid.
Many student aid programs are available to students from around the world. In fact, many student loan programs are available to students who are not US citizens or permanent residents.
8. You need to have a certain family income to receive financial aid.
There is no set family income limit for receiving financial aid. In fact, many student aid programs are available to students who are not from families with a high income.
9. You need to have a certain asset level to receive financial aid.
There is no set asset level for receiving financial aid. In fact, many student loans and grants are available to students who don’t have a lot of money.
10. You need to have a certain place of residence to receive financial aid.
Many student aid programs are available to students from all types of places of residence. In fact, many student loans and grants are available to students who are not living in the US.
11. You need a certain level of education to receive financial aid.
There is no set level of education required for receiving financial aid. In fact, many student aid programs are available to students who don’t have a college degree.
12. You need to be a US citizen or permanent resident to be eligible for in-state tuition at a US college.
Many colleges offer in-state tuition rates to students who are neither US citizens nor permanent residents. In some cases, you may be eligible for reduced tuition rates if you are a military veteran or have a family member who is a US military veteran.
13. You need to have a certain income to be eligible for a federal student loan.
There is no set income limit for receiving a federal student loan. In fact, many student loans are available to students who don’t have a lot of money.
14. You need to be a US citizen or permanent resident to be eligible for a private student loan.
Many private student loan companies are willing to loan money to students who are not US citizens or permanent residents.
15. You need to have a certain place of residence to be eligible for in-state tuition at a US college.
Many colleges offer in-state tuition rates to students who do not live in certain areas of the US. In some cases, you may be eligible for reduced tuition rates if you are a military veteran or have a family member who is a US military veteran.
