Top 5 Financial Aid Myths Debunked - Geneva College, a Christian College in Pennsylvania (PA)

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Financial Aid
December 13, 2019

Top 5 Financial Aid Myths Debunked

Don’t fall for these myths about federal student aid and the application process!

Myth: “My parents make too much money, so I won’t qualify for aid.”

Reality: There is no income cut-off to qualify for federal student aid. Many factors—such as the size of your family and your year in school—are taken into account. Also, when you fill out the FAFSA, you’re also automatically applying for funds from your state. Don’t make assumptions about what you’ll get—fill out the form and find out.

 

Myth: “Only students with good grades get financial aid.”

Reality: While a high grade point average will help a student get into a good school and may help with academic scholarships, most of the federal student aid programs do not take a student’s grades into consideration.

 

Myth: “I don’t have good credit, so I can’t get a student loan.”

Reality: You don’t need to get a credit check for most federal student loans (except for Direct PLUS Loans). Also, you won’t need a cosigner to get a federal student loan in most cases.

 

Myth: “I’ll have to update my FAFSA® form after I file my taxes in the spring, won’t I?”

Reality: Nope! Just enter the tax information the form asks for—or better yet, transfer it directly from the Internal Revenue Service if you’re offered that option while applying—and you’re good to go. No need to update later.

 

Myth: “I didn’t qualify for financial aid last year, so filling out the FAFSA® form again is just a waste of time.”

Reality: It’s super important to fill out a FAFSA form every year you’re in college. Why? Because things can change. For instance, your school or state might create a new grant or scholarship, or the factors used to calculate your aid could change from one year to the next.

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- Emily Ethridge, Geneva College SFS Student Intern (sources: Federal Student Aid and Inceptia)