March 31st, 2020

Overcoming myths about financial aid.

It “pays” to be educated about college financial aid opportunities and it is critical for families to be diligent about seeking out and asking questions about financial aid.   Here are some things you should know:

  1. You typically are NOT penalized for having savings.
  2. Even families with incomes greater than $150,000 per year CAN qualify for needs-based aid.
  3. Money in most retirement accounts is NOT counted against you, nor is home equity counted for federal and state financial aid.
  4. Almost two-thirds of all families qualify for some kind of financial aid:  financial aid is NOT limited to top athletes, the poor, or straight-A students.
  5. Applying for financial aid will NOT hurt chances of admission.
  6. Generous financial aid awards are NOT limited to big, prestigious colleges.
  7. State schools will NOT always end up with a lower out-of-pocket cost than private schools.
  8. You do NOT have to go deeply in debt to finance college tuition.
  9. Financial aid packages are NOT always grants and scholarships:  they may include loans, work-study options.
  10. A financial aid award is NOT always final:  particularly with private colleges who are trying to recruit top students.

Learn more here.

Category: College Bound

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