Much of the information you\u2019ll find about college financial aid (i.e., federal student loans, grants, scholarships, and employer tuition benefits) is geared toward students entering college right out of high school. If you’re a \u201cnontraditional\u201d student returning to or starting college after already being in the workforce, you might think it\u2019s not worth it to fill out the Free Application for Federal Student Aid (FAFSA).<\/p>\n
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Not so fast! Let\u2019s take a look at 10 common financial aid myths<\/a> that might help you change your mind about completing that application.<\/p>\n <\/p>\n The good news is, there is no income cut-off<\/a> for federal financial aid. Your income is just one of several factors captured on your FAFSA, determining your eligibility for financial support. Scholarships, loans, and work-study are all examples of funding that may require a current FAFSA. In addition, your FAFSA is often used to determine eligibility for state or school-specific aid.<\/p>\n <\/p>\n The FAFSA doesn’t ask you whether you own or rent, so your home equity<\/a> won’t affect your qualification for need-based federal aid. Most colleges won’t care if you own a home, but some colleges may require you to fill out a separate application that does consider your home equity for school-specific aid. Regardless, you may benefit from completing the FAFSA, to see how much federal aid you qualify for.<\/p>\n <\/p>\n Having some money in savings to help pay for college<\/a> is great\u2014using money you have first is always recommended\u2014but it doesn’t mean you won’t qualify for federal financial aid. There are many factors used to determine your financial aid allowances, and savings is just one of them. If you qualify for some assistance, consider using more of your savings to pay for books, transportation, or living expenses.<\/p>\n <\/p>\n Not true. You can complete your FAFSA, using estimated income information<\/a> based on last year’s tax return. You can update the information, after you file this year\u2019s taxes. This may change the amount of financial aid you qualify for, but it’s better to apply sooner than later. Many states and schools have deadlines well before tax time. Note: for further details, please visit Federal Student Aid.<\/a><\/p>\n \u00a0<\/strong><\/p>\n Not true. The whole application can be completed online<\/a> in about 20 minutes. The interactive form includes step-by-step instructions and only asks questions that are relevant to you. If you’ve already filed your taxes, you may be eligible to use the IRS Data Retrieval Tool to automatically transfer your tax return data into your FAFSA. If you have questions as you go along, FAFSA help<\/a> is available by chat, email, or phone.<\/p>\n <\/p>\n Don’t worry. Although merit scholarships reward students for their outstanding academic records, the FAFSA doesn’t consider grades for federal financial aid eligibility. That said, once you’re enrolled, you will need to maintain satisfactory grades<\/a> to continue receiving aid.<\/p>\n <\/p>\n Whether you’re just graduating from high school, or you’re old enough to have children who are entering college, you should fill out the FAFSA. Federal student aid is not awarded based on age. Period.<\/p>\n <\/p>\n Incorrect. You should fill out a FAFSA for every year you plan to attend college, until you are done with school. Financial aid is awarded on a yearly basis, so they need updated information each time.<\/p>\n <\/p>\n There are billions of dollars available to students every year, and nearly two-thirds of applicants<\/a> qualify for some assistance. You may not get a full scholarship, but you might qualify for federal loans, work-study<\/a>, tax credits, or deductions. You won\u2019t know how much or what kind you will get, until you apply.<\/p>\n <\/p>\n Once you complete your FAFSA, there are very limited circumstances in which it can be changed or updated<\/a>. That said, if you’ve had significant changes to your financial or family circumstances, your school’s financial aid office may be able to help. Talk to a financial aid representative about your situation. They’ll guide you through the process, to get your financial aid package re-assessed.<\/p>\n <\/p>\n <\/p>\nMYTH #1: I make too much money to qualify for financial aid.<\/h4>\n
MYTH #2: My home equity will hurt my chances for financial aid.<\/h4>\n
MYTH #3: I have money set aside in a savings account, so I won’t get any aid.<\/h4>\n
MYTH #4: I have to wait until after I file my taxes before completing the FAFSA.<\/h4>\n
MYTH #5: The FAFSA application is too hard and will take too long to fill out.<\/h4>\n
MYTH #6: My grades from high school or past college aren’t good enough to qualify me for aid.<\/h4>\n
MYTH #7: I’m too old to apply for financial aid.<\/h4>\n
MYTH #8: I filled out the FAFSA before, so I don’t have to do it again.<\/h4>\n
MYTH #9: There’s not enough financial aid to go around, so I shouldn’t bother applying.<\/h4>\n
MYTH #10: I cannot make changes to my financial aid package, if my situation changes.<\/h4>\n