1. And the Facts to Debunk Them

2. Only students with the best grades qualify for financial aid.  Merit-based awards are called scholarships.  Financial aid is ‘need-based’.  Financial aid is awarded based on a family’s ability to pay for college.

3. With no college savings, a community /Jr. college is my only choice.  Family savings helps, but there are other ways to pay for your education.  Lower income families usually find their expected contribution to be modest.  Low interest rate loans are available.  Tuition pay plans are offered by colleges and universities.

4. I can’t consider my 1 st choice school; it costs too much.  Rule: the higher total costs the easier to demonstrate financial need.  Studies show the income of private college families is lower than the income of families at larger schools.  Aid is often available to offset stated costs at most schools.  Students should apply for aid then evaluate the award letter when it arrives.

5. Only students from really low-income families qualify for aid.  Many forms of assistance are available to students and to parents.  Low interest loans are available to parents and to students.  All families should apply whether they think they qualify or not.  Many families are surprised when they do qualify for aid.

6. Millions of scholarships go unclaimed, I can hire a service to help.  Professional scholarship search agencies profit from their services.  Information can be accessed on the Internet or from HS counselors.  Colleges have Financial Aid offices.  Track your activities, awards, community service & employment now to help later when filling out scholarship applications.

7. Who needs a college degree? The cost isn’t worth it.  People with a college degree earn almost twice those with just a high school degree.  College degrees will increase in value over time unlike cars that lose their value over time.

8. $30,000 for tuition and living expense? Are all schools this expensive?  True, some private colleges do, in fact, cost more than a new car.  Financial aid is largely proportional to the college’s costs.  78% of all college students attend colleges with costs less than $8000.  Average cost of tuition and fees at a 4-year university nationwide is $5132.

9. I am going to be the only student at my school on financial aid.  More than 60% of full-time students at 4-year colleges/universities receive financial aid.  75% of students receive financial aid at private colleges/universities.

10. Debt is bad. I will be in huge financial debt later.  Excessive debt and defaulting on loans is disastrous.  Studies show financial benefits of a college degree easily compensate for the burden of student debt.  Repayment of student loans can be deferred and do have a 6 month grace period upon graduation.  Interest rates on student loans are lower than credit card interest rates.

11. As a star athlete, I know I will get an athletic scholarship.  On average, only 1 percent of undergraduates receive athletic scholarships.  Most student aid is awarded on financial need-not athletic talent.