Don't Fall for these Myths About Financial Aid

There are many myths out there about the Financial Aid process, and with the help of StudentAid.Gov, we're here to clear them up!

"I'm not going to bother filling out the Free Application for Federal Student Aid because..."

"...my parents make too much money, so I don't qualify."
Reality: There is no income cut-off to qualify for federal student aid. Many factors besides income from the size of your family to the age of your older parent are taken into account. Your eligibility is determined by a mathematical formula, not by your parents’ income alone. And remember: when you fill out the Free Application for Federal Student Aid (FAFSASM), you’re also automatically applying for funds from your state, and possibly from your school as well. In fact, some schools won’t even consider you for any of their scholarships (including academic scholarships) until you’ve submitted a FAFSA. Don’t make assumptions about what you’ll get fill out the application and find out.

"...only students with good grades get financial aid."
Reality: While a high grade point average will help a student get into a good school and may help with academic scholarships, most of the federal student aid programs do not take a student’s grades into consideration. Provided a student maintains satisfactory academic progress in his or her program of study, federal student aid will help a student with an average academic record complete his or her education

"...I'm too old to get financial aid."
Reality: Funds from federal student aid programs are awarded on the basis of financial need, not on the basis of age. Adult students can get financial aid, so be sure to fill out the FAFSA.

"...You need to pass a credit check to receive federal student aid."
Reality: No credit check is required, including most federal student loans.

"...it costs money to apply for federal student aid."
Reality: Applying is free.  It costs nothing to apply for federal student aid and therefore you shoul avoid companies charging a fee to complete the application.

"...the form is too hard to fill out."
Reality: The FAFSA is easier than ever, especially if you fill it out online at www.fafsa.gov. There are detailed instructions for every question, and the form walks you through step by step, asking only the questions that apply to you. If you need help, you can access real-time, private online chat with a customer service representative. If you’re filling out the paper FAFSA, you can get help from a high school counselor, from the financial aid office here at Bay State, or from the Federal Student Aid Department's toll-free number: 1-800-4-FED-AID. And remember, the FAFSA and all these sources of advice are FREE.

So what do you do now? Head on over to our Financial Aid - Getting Started page to learn more!