Published: December 27, 2006 10:03 am         

Students: Don’t believe these college financial aid myths

College application season is in full swing. As students live in fear of a rejection letter, parents worry more about how they’ll afford the tuition when their child is accepted.

College is expensive.. but tuition fears shouldn’t overshadow an otherwise exciting time in a teen’s life. The key is not to believe the financial myths surrounding the price of a higher education.

Myth # 1: You can’t afford college.

Many parents and students see the tuition price, cost of living in the forms and the textbook fees, and say there is no way they can afford college. The truth is most college students require some form of financial aid. In fact, nearly 75 percent of 2006 high school graduates who took the ACT reported that they need help to pay for college. Don’t ignore college because of its “sticker price.” Student can receive a combination of grants, loans, scholarships or Work Study jobs to help reduce the cost.

Myth # 2: You have to be very poor, very smart or very talented to qualify for flnancial aid.

Financial aid comes in many forms - grants and scholarships that you don’t have to repay, and loans, which you do have to repay. There is need-based aid for students of lower income families, and merit-based aid for students who excel in athletics, music, community service and many other areas. Financial aid sources are as varied too - the federal government, the college or university itself, a parent’s employer, and others. When students take the time to explore all the possibilities, they will be surprised at what offers they may receive.

Myth # 3: You can get more scholarships by paying someone to search for you.

Scholarship scams are everywhere. Beware of any group or individual that guarantees a scholarship if you pay a fee. There are many good and FREE scholarship sources on the Internet. Check out www.fastweb.com or www.finaid.org for more information.

Myth # 4: My child will pay for college, so my salary doesn’t matter.

Most need-based financial aid is based on parents’ income and assets. Most schools require students to fill out the FAFSA, the Free Application for Federal Student Aid, in order to qualify for need-based aid. The form, available online at www.fafsa.ed.gov asks for information similar to what you need for your income taxes. After submitting the FAFSA, students receive a report that shows how much the government expects you to pay for toward your child’s education. If you aren’t ready to file yet, visit www.act.org/fane/ to get an estimate of your expected family contribution.

Myth # 5: You can wait until you get accepted to a college before worrying about financial aid.

Most financial aid is doled out on a first-come, first-served basis. No one should wait to get started. Looking for financial aid probably isn’t a teen’s idea of a good time, but it is better than graduating from college in debt.