Once you start applying to college, don’t trust everything you hear regarding financial aid. Below are some common myths about scholarships and financial aid.
Myth: The competition for scholarships and financial aid is too intense for me to even bother. Fact: If you do your research and choose which scholarships and aid to apply for based on your talents, grades, and interests, there is absolutely no reason you're not just as likely to get it as the next person. Have some faith in yourself!
Myth: Applying for financial aid diminishes your chances of being accepted by a college. Fact: The truth is, most college admissions offices require or at the very least, strongly encourage students to apply for financial aid. Your financial status does not determine your worthiness for admission.
Myth: Applying for a loan decreases my chances for financial aid. Fact: What's funny about this myth is that it's often perpetuated by parents, who — for whatever reason — think that getting student loans will entice the college to reduce scholarship money that would have otherwise been awarded. The truth is, you should ask your college about its policy. At some schools, this might actually be true. But at many other schools like RMU, taking out loans does not reduce your chances of being awarded financial aid.
Myth: My high school grades aren't good enough to qualify for aid. Fact: The vast majority of federal and state aid is based on financial need, not grades. And to keep that aid, most programs require only an average GPA to show "satisfactory" academic progress. For many private scholarships and merit aid offers, grades don't count as much as you might think. Many use other criteria: financial need, leadership, residence, major, and heritage. So less-than-perfect grades do not necessarily mean little or less financial aid!
Myth: Only students from certain ethnic groups are eligible for financial aid. Fact: The Free Application for Federal Student Aid (FAFSA), the most common financial aid application, doesn't even ask about your ethnicity. The overwhelming bulk of federal, state, institutional, and private aid is not tied to ethnicity. Some private scholarships are targeted toward deserving students with particular ethnic backgrounds, but most do not take ethnicity into account.
Myth: Millions of dollars in scholarships go unclaimed each year. It's too hard to find them, so it's worth paying someone to do it for me. Fact: There are hardly any scholarships that go unused. Actually, scholarship information is incredibly easy to find online – for free. Don't fall for scholarship search scams. If they say you need to pay for scholarship help, don't do it. Pay yourself to find scholarships – by getting one!
Myth: My grades are good enough to attract scholarships that will pay for everything. Fact: Only a handful of students earn scholarships that pay for all college expenses – the so-called "full ride." Almost everyone who has private scholarships had to hunt to find them. They don't come to you automatically. And be sure to apply for financial aid – grant money is just as good as scholarship money.
Myth: My family has been saving for my college education or has a high income, so we're not eligible for financial aid. Fact: You won't know until you get your FAFSA results. The impact of parents' savings is relatively small. And by turning in a FAFSA, you also apply for state and sometimes college aid. Your college may make up some of the difference with institutional aid. Still not convinced? If nothing else, a FAFSA is also required for a federally guaranteed student loan.
Myth: I can't afford a private college. Fact: You may get enough aid to make the college affordable. The variables include your financial need based on your Expected Family Contribution (EFC), the college's cost of attendance, and college's priorities for its own financial aid. So if you are a good fit for such a college, then go ahead and apply. Make your decision when you get your financial aid award letter, not the first time you see the "sticker price."