Financial Aid Myths – Debunked

There’s a lot said about financial aid and it can be hard to distinguish between fact and fiction. Different types of financial aid have different requirements so broad statements about who qualifies for financial aid usually aren’t true.

Between scholarships, grants, government aid, private loans, military financial aid and other types of funding, chances are that you can get help paying for school.

You might actually qualify for financial aid but not even know it. Don’t let these financial aid myths hold you back from getting the funding you need to earn your degree and start a career you love.

Myth: Financial Aid is only for 18-year-old College Freshmen

A common myth is that only 18-year-old freshmen qualify for financial aid. Students already attending college, graduate students and non-traditional students returning to school while pursuing their career often hear that they won’t qualify for financial aid.

Truth: Financial Aid is Available for Students of all Ages

Many financial aid options, like student loans and scholarships, do not take age or amount of education into consideration during the approval process.

There are also scholarships, grants and other financial aid options that are designed specifically for people returning to school or graduate students who have already earned their bachelor’s degree.

Your age or the amount of education you already have does not need to hold you back from qualifying for financial aid.

Myth: Student Loans are Risky

The words “student loans” scare a lot of people. The idea of borrowing money to pay for tuition can be daunting because you do have to pay your lender back after you graduate.

Truth: Student Loans are a Safe, Reliable way to Pay for College

When you choose your lender carefully, student loans are a safe way to pay for college. Government loans and loans from lenders that meet regulations and with good reputations are a viable option when you don’t qualify for other forms of financial aid or if you just need a little extra help covering the costs of tuition and books.

Choose a lender that offers good terms and low interest rates. Some lenders, like the government, will even help you set up a repayment plan based on your income so making payments when you land that first post-college job will be easier.

Myth: I have a Job so I’ll Never Qualify for Financial Aid

Another common myth is that employed students don’t qualify for financial aid. Some people believe that financial aid is just for students who are unemployed or facing financial difficulty.

Truth: Financial Aid is Available for Employed and Unemployed Students

It’s true that some financial aid, like grants, is specifically for students with financial difficulty. But, there are forms of aid available to students who are working and even who don’t have financial problems. Student loans and scholarships are good examples, since some of these applications don’t even ask for information about your income.

Work-study programs give students financial aid by helping them find employment in their community or even in their area of study, so if you pursue this kind of aid you will be required to work while attending school.

There are financial aid options available to virtually every student. Whether you are just starting school, are going back to finish your degree or are in a graduate program, there are options for you.