Top 7 misconceptions about financial aid

Top 7 misconceptions about financial aid

There are many misconceptions about financial aid.  Many people are afraid to request for financial aid because of these, especially because of the top 7 false beliefs.  Financial aid is actually more easily granted than most people give it credit for.  It is a purely defeatist attitude to say that it is just too impossible to get the grant before even trying to apply for it.

Requirement-based misconceptions

Financial aid seems to be the sort of thing that your straight A student friend has, or something that you can attribute to a classmate who is being raised by his grandparents.  Anyway, those are two misconceptions.  One misconception is that financial aid is only offered to the gifted ones: the straight A students, the outstanding athletes and the promising musicians or leaders.  Financial aid actually does not discriminate.  Once the need is established, you can be granted aid.  Two, you can only apply for financial aid if you are obviously poor.  This misconception can also be reiterated by saying that if you are wealthy, you cannot apply for financial aid.  Actually, the basis for the grant is not wealth but need.  Apply for the aid even if you think you are too well-off.  Then you will be given an Estimated Family Contribution (EFC) based on your family’s wealth and expenses.  A third misconception based on requirement is that a foreigner cannot apply for financial aid.  If you are a foreign student, look for schools that thrive on being multi-ethnic or you can try for athletic or academic scholarships.  The last but not the least misconception based on requirement is that part-time students cannot apply financial aid.  Having less credits in school does mean that you do not need help.  You have to maintain a minimum of six credits however.

Misconceptions on financial aid itself

Three misconceptions on the idea of financial aid are: that millions of dollars intended for financial aid are unclaimed every year, loans are not financial aid, and you can apply for it at the last minute.  The first two are somewhat related.  The first misconception can be a line from a scam.  Be wary of people offering financial aid that will be needing an initial fee.  Because the government is responsible for about 70% of the aid, there may not actually be enough for all those who need it.  This means that the government also offers financial aid through loans.  Student loans are also financial aid, but in a different form. Now that you know that financial aid reaches those who need it, you have to be on time with your application; many people will be needing the grant.

There are examples of personal statements that can help win financial aid

Do you know that your personal statement can help you not just get in a college or graduate school but it can also earn you financial aid?  Excellent examples of personal statements will show the admissions office that you are truly worth the grant.  You must be able to convey your purpose and goals.  Anyway, you must be more confident now that you know how much easier it is to get financial aid.

Photo Credit : jenn jenn

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