Student Financial Aid - Common Financial Aid Misconceptions

Common Financial Aid Misconceptions

There are several misconceptions surrounding financial aid:

• It is sometimes said that students shouldn't apply for financial aid unless they have already been accepted and are declared to the university of their choice. The FAFSA papers are transferable to most universities, and it can be advantageous to begin the FAFSA papers during the application process. Some schools have their own papers about home equity and other topics that they require students to attach along with the FAFSA papers.
• A second misconception about financial aid is that it is only available to the most needy students. Although it is often need-based, many different students qualify for the government's yearly $125 billion financial aid money. Funds can be won through strong grades, athletics and other talents, whether the student is poor or wealthy.
• A further misconception is that students qualify for the same financial aid at every institution. Rather, aid varies from university to university like tuition costs. This does not mean that if the tuition is greater in one university the financial aid available will be lower. It is often the case that, because of the aid they provide, more expensive universities can be more affordable than those with lower tuition.
• Finally, it is not the case that US citizens are the only individuals that qualify for financial aid. A non-citizen can qualify for financial aid if they have a green card or a permanent citizenship. Further, parents' citizenship does not effect whether one can apply for financial aid.