Home > Financial Aid > Financial Aid Information > Financial Aid Myth Busting

Financial Aid Myth-Busting

"Only students with a high Grade Point Average get financial aid."

This is a common misconception. While a perfect GPA is a great goal, falling short of an A+ average does not disqualify you from financial aid. Federal student aid programs don't give preference to A+ students. As long as you are not flunking out of high school, you are eligible for federal funding. However, keeping a high GPA helps on college applications and can help with college-based assistance, so don’t let your grades slip.

"Applying for financial aid is time consuming."

Applying for financial aid is tedious, but it is the fastest and easiest way to get free funding. If you are need financial aid, apply. Filling out applications and waiting a month or so for your results is much faster than saving money on your own, and financial aid will save you hundreds in loan debit.

"There's not a lot of aid out there."

Wrong. In 2005-2006, financial aid funding rose to over $130 billion. Though not everybody receives federal grants, everyone gets federal student loans which have lower interest rates than private loans. Other types of aid, like scholarships, are offered by countless organizations and colleges have financial aid packages for incoming students. Contact the colleges you are considering to ask about the financial aid they offer to students based on your financial need.

"Financial Aid is only awarded to minorities."

While there are scholarships available exclusively to minorities, federal aid is not exclusive to a particular race, ethnicity, or gender. Federal funding is strictly need-based. The FAFSA does not require you to disclose information such as race/ethnicity.

"Billions in scholarship money goes unused each year."

This misconception is perpetuated by scholarship search services that charge a user fee. That is how they convince students to pay for something that is free at other services. You don’t read this claim on a free website or publication. There is plenty of financial aid out there, some companies just try to convince users that they have “exclusive information” to make money. This is a scam. Visit www.scholarships.com to conduct a free scholarship search and get free financial aid information.

"Financial aid is only for exceptionally needy students."

Everyone qualifies for something. Fill out your FAFSA to see what you qualify for. Thousands of students are awarded financial aid every year. Financial aid is available to all students in need, not just the exceptionally needy. Every award helps. Remember, to qualify you must submit your FAFSA. Apply early to get the best financial aid package possible.

"It's only financial aid if it's free."

Wrong. Federal aid divvies out in the form of grants and student loans. Still confused about the difference between a grant and a loan? A grant is a gift, and loans are borrowed and must be returned. Both grant and loans help pay for college so they are both considered financial aid.

Last Edited: December 2015

Latest College & Financial Aid News

11-Yr-Old LeBron James Jr.'s Ballin' Scholarship Offers

June 23, 2016

by Susan Dutca

Following the Cleveland Cavaliers'recent win, LeBron's 11-year-old-son received standing scholarship offers from Duke and Kentucky University. It's never too late to start early, so check out some of these sports scholarships if you have a love for sports and wish to get paid to play: Jay Cutler Athletic Scholarship Deadline: April 15 [...]

Atheist Scholarships Not Welcome in CA School District

June 21, 2016

by Susan Dutca

California's Antelope Valley School District banned atheist scholarships from being listed on student publications and must now pay $10,000 in legal fees. They claimed it would upset parents, "promote anti-religious expression," and have "argumentative" and "aggressive undertones." Freethinkers instead saw it as anti-atheist prejudice. The district was sued by FFRF for refusing to allow [...]

Celebrate LGBT Pride Month with Scholarships

June 16, 2016

by Susan Dutca

June is LGBT Pride Month, and though we are already more than halfway through, there is still enough time to apply for scholarships! Check out these scholarships exclusive to LGBT youth, supporters and students pursuing higher education: Levin-Goffe Scholarship Fund Deadline: June 22 Maximum Award: $25,000 [...]

Follow Us:

facebook twitter rss feed