If you're going to enroll in school, there's a good chance that you will have to apply for financial aid. While you might know what this entails in the general sense, you may be unaware of the numerous myths circulating about it. Fortunately, Robert Jain and others will be able to help you realize some of the myths in question. By the end of this piece, you'll have a better understanding of what financial aid is truly about.
"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.
"If my family's income is too high, I can't apply for financial aid." While it can be argued that income is one of the factors that determine financial aid eligibility, there are others that matter just as much, if not more. These include, but aren't limited to, high school grades and SAT scores. If these are high enough, you will be able to benefit from the aforementioned aid. Don't let household income deter you from pursuing financial aid.
"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.
"If my family's income is too high, I can't apply for financial aid." While it can be argued that income is one of the factors that determine financial aid eligibility, there are others that matter just as much, if not more. These include, but aren't limited to, high school grades and SAT scores. If these are high enough, you will be able to benefit from the aforementioned aid. Don't let household income deter you from pursuing financial aid.
"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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Please contact Bobby Jain for more details regarding what you have just read.. Free reprint available from: Robert Jain: The Most Commonly Spread Financial Aid Myths.
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