Working in the college planning business for the last 11 years, I’ve noticed there are some Common Myths and Misconceptions about Paying for College.
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Here are the top Common Myths and Misconceptions about Paying for College:
1. I (the parent) qualified for financial aid when I went to college, my child should qualify for financial aid as well.
2. I (the parent) worked, took out student loans and paid for myself to go to college, I’ll have my child do the same thing.
3. I’ll have my child apply for all the scholarships out there and that will pay for their education.
4. I heard they do not count my retirement accounts, I’ll just increase my contribution to lower my adjusted gross income to qualify for more financial aid.
5. I will not claim my child as a dependent on my tax returns so that they can appear independent. This way, they will qualify for more financial aid.
6. I will just make my child go to community college for the first 2 years to save money.