Afford College

By: Chris Loney | Monday, September 10, 2012

In just three months, the FAFSA – the Free Application for Federal Student Aid – becomes available. And for students like you, this is an important step to secure money for college. But there are many myths out there, so get the facts here!

As you think about college, here are some of the most common misconceptions about financial aid – along with the truth:

Myth: Only the very rich can afford college.

Reality: Nearly 20 percent of traditional-aged undergraduates come from families with income below $25,000 per year. The federal government, states, and institutions all offer financial aid to help low-income students afford college.

 

Myth: Only big-time athletes get scholarships.

Reality: In 1999-00, less than 1 percent of undergraduates received athletic scholarships. Most student aid is awarded on the basis of financial need — not athletic talent.

 

Myth: It actually hurts you to save for college because you get less financial aid.

Reality: Those who save will be expected to contribute more toward their children’s education than those who do not save. However, the formulas for determining the expected family contribution count income far more heavily than savings, so the difference is usually not substantial. Furthermore, a family that saves will have the funds necessary to meet their expected contribution, while a family that does not save may have to borrow — with interest charges more than making up for the smaller expected contribution.

 

Still have questions? No problem – uAspire is here to help! Click here to find your college affordability Advisor, who will walk through the process with you and help develop your plan to afford college.


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