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Financial Aid Student Myths
Just about everyone needs some form of financial aid to cover the expense of their college education. Whether it is in the form of gift aid (grants and scholarships), loans or both, you should always have your facts straight before accepting any funding. Should you run afoul of the rules of financial aid, you can find yourself on the wrong side of the government. Money is always available but sometimes you may be smart to hesitate in accepting it. Always do a bit of research before agreeing to any money offered. There are a few financial aid student based myths that seem to continue to be passed from one graduating class to the next.
Financial Aid Student Myth #1 - Not Business as Usual
Colleges and universities are in the business to make money. The more money they earn the better for them. While the idea put forth is that the more expensive the college, the better the education, you should take a good long look at the academic standing of the schools you are interested in. Choose the school with the best record for the field you want, not the one that will put the biggest dent in your pocket. Prestige comes with ability, not cost.
Financial Aid Student Myth #2 - Personal Banking Helps
You may think it a great idea to save up money in your bank account to save for college expenses but this can be a huge mistake. If the government knows you have money saved to put to your expenses they will give you less of their money to help you out. It is a good idea to have money saved for your college expenses in an account that is set up for you but does not bear your name. This is a great way for grandparents to help out their grandchildren’s futures without hurting their pensions and retirement funds.
Financial Aid Student Myth #3 - Early Decision Acceptance Guarantees Aid
Knowing what school you will go to is great when you want peace of mind but it can hurt your financial aid package. Schools have no pressure to offer you more aid to attend their institution if you simply accept what they offer. You should always give the impression that you are fielding other offers to get more incentives from the school of your choice.
Financial Aid Student Myth #4 - Deadlines are Often Moved
If there is one place where deadlines are set in stone, it is financial aid for students. There is usually limited funding for the programs so if you miss the deadline you will likely miss out on any aid because it will be all gone. Be sure you know the deadlines for all financial aid student programs and that you apply to them well before the deadline to ensure your financial aid.
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