Given the costs associated with higher education, it should come as no surprise that many people rely on financial aid. If you are enrolled in a certain school and reside in a certain state, chances are that you are eligible for this. What you may not know, however, is that there are numerous myths circulating about it. You might have found yourself believing these without knowing. For those that would like to learn about the myths in question, here is some insight that Robert Jain can provide.
"A student must only fill out the FAFSA once." More likely than not, a student will have to fill out the FAFSA, or Free Application for Federal Student Aid, multiple times. The required amount of aid may change from year or year, which means that the information that was previously submitted won't apply. To say that the FAFSA only requires a single application would be an oversight. Financial authorities such as Bob Jain will be able to agree.
"If my family's income is too high, I can't apply for financial aid." While it can be argued that income is one of the factors that determine financial aid eligibility, there are others that matter just as much, if not more. These include, but aren't limited to, high school grades and SAT scores. If these are high enough, you will be able to benefit from the aforementioned aid. Don't let household income deter you from pursuing financial aid.
"Financial aid packages are known for being rigid." At first glance, you may believe that the financial aid package you receive is inflexible. The truth of the matter is that, in certain circumstances, you might be able to make adjustments. Of course, you have to make sure that your school will allow these, which is another reason why research and communication with your campus are vital. Regardless, to say that these packages can't be changed would be an oversight.
"I didn't get approved for financial aid before, so why should I apply again?" This is the wrong mindset to have, as one's chances of receiving financial aid may change over time. In fact, they might change for the better. For instance, you might not have been in a great place financially when you first apply. However, if you are able to solve problems related to your credit cards or bank account, the aforementioned aid may be easier to obtain.
"A student must only fill out the FAFSA once." More likely than not, a student will have to fill out the FAFSA, or Free Application for Federal Student Aid, multiple times. The required amount of aid may change from year or year, which means that the information that was previously submitted won't apply. To say that the FAFSA only requires a single application would be an oversight. Financial authorities such as Bob Jain will be able to agree.
"If my family's income is too high, I can't apply for financial aid." While it can be argued that income is one of the factors that determine financial aid eligibility, there are others that matter just as much, if not more. These include, but aren't limited to, high school grades and SAT scores. If these are high enough, you will be able to benefit from the aforementioned aid. Don't let household income deter you from pursuing financial aid.
"Financial aid packages are known for being rigid." At first glance, you may believe that the financial aid package you receive is inflexible. The truth of the matter is that, in certain circumstances, you might be able to make adjustments. Of course, you have to make sure that your school will allow these, which is another reason why research and communication with your campus are vital. Regardless, to say that these packages can't be changed would be an oversight.
"I didn't get approved for financial aid before, so why should I apply again?" This is the wrong mindset to have, as one's chances of receiving financial aid may change over time. In fact, they might change for the better. For instance, you might not have been in a great place financially when you first apply. However, if you are able to solve problems related to your credit cards or bank account, the aforementioned aid may be easier to obtain.
About the Author:
Please contact Bobby Jain for further details about what you've just read.. Also published at Robert Jain: The Most Commonly Spread Financial Aid Myths.
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