Debunking Two Common Financial Aid Myths

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Financial Aid Awareness Month is dedicated to helping families and students of all ages better understand the options available to them as they look to fund their educational goals and dreams. Iowa College Aid has dedicated a page to discussing some of the common issues facing those looking for financial aid.

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Our staff of financial aid experts have also helped out this month, with advice on how to overcome financial aid issues (see last week’s post). This week they address two of the common myths that students have about applying for grants and scholarships and how to debunk them.

Myth #1: We make too much/my parents make too much – I won’t get anything

Family income is definitely a factor when it comes to handing out financial aid.  The best kind of financial aid is always the “free” kind – the scholarships and grants that are given freely with no expectation of being paid back later.  And often it’s this “free” money that has a “financial need” component to it.  Many scholarship and grant providers want to give their awards to students who show some kind of financial need, and when a student’s/family’s income is high, usually the financial need is low.

Not all scholarships and grants are need-based, however.  If your student is motivated, they can seek out scholarship and grant opportunities that are based on skills, abilities and interests, grades, musical, athletic or dramatic talent, essay-writing, or a number of other merit-based achievements.   The key is looking for them.  You know the saying, “you can’t win if you don’t play”?  That same philosophy applies to scholarship competitions.   Investing some time online searching for “scholarships for high school juniors” or “scholarships for journalism majors” or, if writing essays isn’t a strength for your student, “no essay scholarships” might provide some avenues of funding.

Myth #2: My parents aren’t helping me pay for college so I can’t get financial aid.

Students who are financially independent from their parents can often access additional student loan funds, but a parent’s unwillingness to pay for college doesn’t make you financially independent from them. 

The primary circumstances that cause a student to be financially independent are:

  • Age
  • Orphan/ward of court/foster care/emancipated minor/legal guardianship/homeless status
  • Veteran of the Armed Forces of the United States
  • Graduate or professional student
  • Student’s marriage
  • Student provides support to dependents

Detailed information about these circumstances can be found on the federal Department of Education website https://studentaid.ed.gov/sa/fafsa/filling-out/dependency

 If a student has no contact with their parents, or if the student doesn’t reside with their parents because of an abusive or neglectful situation, the student can approach the financial aid office at their college for special instructions on how to complete the parent section of the FAFSA or to determine if there’s a need for a dependency override.

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