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.
"I only have to apply for financial aid once." This isn't exactly true, especially for students that plan on fulfilling multiple years of education. According to names such as Bob Jain, the amount of financial aid that one requires will be different from year to year. What this means is that, in many cases, the FAFSA will have to be filled out and applied with every new semester. Consult your school's financial aid department for specifics.
"Eligibility for financial aid depends on household income." You might be under the impression that if your household income is above a certain amount, financial aid ceases to be a possibility. However, there are other factors that can play into your eligibility to receive aid. These include, but aren't limited to, your previous grades and where you live. It's in your best interest to research this so that you know what to expect going in.
"Financial aid packages are final." Another misconception regarding financial aid is that the packages distributed to students are final. In other words, you won't be able to change them down the road. On the contrary, it's entirely possible for changes to be made if need be. For instance, if you notice that there was an error in the amount you've been given, you may be able to negotiate. It's recommended that you consult your campus about this as early as possible.
"I didn't get approved for financial aid before, so why should I apply again?" This is the wrong mindset to have, as one's chances of receiving financial aid may change over time. In fact, they might change for the better. For instance, you might not have been in a great place financially when you first apply. However, if you are able to solve problems related to your credit cards or bank account, the aforementioned aid may be easier to obtain.
"I only have to apply for financial aid once." This isn't exactly true, especially for students that plan on fulfilling multiple years of education. According to names such as Bob Jain, the amount of financial aid that one requires will be different from year to year. What this means is that, in many cases, the FAFSA will have to be filled out and applied with every new semester. Consult your school's financial aid department for specifics.
"Eligibility for financial aid depends on household income." You might be under the impression that if your household income is above a certain amount, financial aid ceases to be a possibility. However, there are other factors that can play into your eligibility to receive aid. These include, but aren't limited to, your previous grades and where you live. It's in your best interest to research this so that you know what to expect going in.
"Financial aid packages are final." Another misconception regarding financial aid is that the packages distributed to students are final. In other words, you won't be able to change them down the road. On the contrary, it's entirely possible for changes to be made if need be. For instance, if you notice that there was an error in the amount you've been given, you may be able to negotiate. It's recommended that you consult your campus about this as early as possible.
"I didn't get approved for financial aid before, so why should I apply again?" This is the wrong mindset to have, as one's chances of receiving financial aid may change over time. In fact, they might change for the better. For instance, you might not have been in a great place financially when you first apply. However, if you are able to solve problems related to your credit cards or bank account, the aforementioned aid may be easier to obtain.
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