Are you planning on enrolling in a higher education program? Regardless of the college or university you have your sights set on, you might need some help in the financial sense. This is where financial aid comes into the picture. It's not uncommon for potential students to apply for this, but there is considerable information that is, to say the least, inaccurate. Here are just some of the myths in question that Robert Jain can clear the air on.
"A student must only fill out the FAFSA once." More likely than not, a student will have to fill out the FAFSA, or Free Application for Federal Student Aid, multiple times. The required amount of aid may change from year or year, which means that the information that was previously submitted won't apply. To say that the FAFSA only requires a single application would be an oversight. Financial authorities such as Bob Jain will be able to agree.
"I won't be able to obtain financial aid if my family makes too much money." This is another common myth that the record should be set straight on. Simply put, household income isn't the only variable. Even if your family makes considerable money, you might be able to benefit from financial aid if, for example, your grades in high school are exemplary. You may also be able to do so if you scored well on your SATs. There are many factors that contribute to this.
"Once you receive your financial aid package, you can't make changes." In fact, you can make certain adjustments to your financial aid package if you believe they're needed. These run the gamut from the specific amount you've been given to the personal information listed. All you have to do is contact your school, draw their attention to any errors, and see what can be done to amend them. Financial aid packages are more flexible than most realize.
"If I applied for financial aid, and was denied, I shouldn't apply again." It's important to note that financial aid, as mentioned earlier, is influenced by different factors. What this means is that if you're denied this type of aid one year, this doesn't mean that the result will be the same the year after. This is especially true if you make improvements to your personal finances, such as paying off outstanding debts. Continually apply, all the while making small improvements in your personal life.
"A student must only fill out the FAFSA once." More likely than not, a student will have to fill out the FAFSA, or Free Application for Federal Student Aid, multiple times. The required amount of aid may change from year or year, which means that the information that was previously submitted won't apply. To say that the FAFSA only requires a single application would be an oversight. Financial authorities such as Bob Jain will be able to agree.
"I won't be able to obtain financial aid if my family makes too much money." This is another common myth that the record should be set straight on. Simply put, household income isn't the only variable. Even if your family makes considerable money, you might be able to benefit from financial aid if, for example, your grades in high school are exemplary. You may also be able to do so if you scored well on your SATs. There are many factors that contribute to this.
"Once you receive your financial aid package, you can't make changes." In fact, you can make certain adjustments to your financial aid package if you believe they're needed. These run the gamut from the specific amount you've been given to the personal information listed. All you have to do is contact your school, draw their attention to any errors, and see what can be done to amend them. Financial aid packages are more flexible than most realize.
"If I applied for financial aid, and was denied, I shouldn't apply again." It's important to note that financial aid, as mentioned earlier, is influenced by different factors. What this means is that if you're denied this type of aid one year, this doesn't mean that the result will be the same the year after. This is especially true if you make improvements to your personal finances, such as paying off outstanding debts. Continually apply, all the while making small improvements in your personal life.
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