Avoid These 4 Financial Aid Myths

Online, August 30, 2012 (Newswire.com) - Earnmycollegedegree.com President Darren Rosenlund wants to get the word out about Financial Aid this week.

Apparently there are several financial aid myths going around that when heeded, hurt students chances of getting aid.

"Too often are students listening to these financial aid myths and are not trying for the aid that they deserve", commented Rosenlund.

1. Making too much money to qualify for financial aid.

Many students think that there is a income cut off point. Meaning, students think that they actually earn too much to be granted aid. This is false. There is no such cut off point. Rosenlund warns students to not assume that they will not be awarded, rather to try no matter what.

If Students will find their EFC, or Estimated Family Contribution number, they will then be able to see how much aid may be awarded depending on that number. Grants are need based, and given to those students who need them most.

2. Owning a home will kill your chances for getting aid.

Many students think that if they are home owners that they will not qualify for aid. This is not true. Home Ownership does not affect your chances. If you own a home, but your EFC is low, you will likely get aid.

3. I have too much money saved in my account to qualify for aid.

The amount of money in a students bank account rarely is accounted for when it comes to need based aid.

4. Financial aid forms are a waste of time.

"Financial aid forms are absolutely vital! Students cannot be awarded aid without filling them out",comments Rosenlund.

Yes, the forms may take a while, but they are a necessary evil.

The bottom line is, if you need financial aid, it is in your best interest to try for it. Do not just assume that you will not be eligible, try anyway.