Don’t Fall For These Federal Student Aid Myths

There is free money for college available to students that goes unclaimed every year. Maybe that’s because people believe a lot of the myths that are out there about the FAFSA (Free Application for Federal Student Aid). Here are some of the worst offenders.

  • Myth 1: My family makes too much money – There really isn’t a cut-off when it comes to FAFSA and household income. Even if you don’t get free money for college, you will likely still qualify for low-interest student loans from the government. Plus, the app also may qualify you for money from the state or from your chosen college.
  • Myth 2: I’m not a dependent, so I don’t have to fill in the part about my parents – The FAFSA will decide what you have to fill out. There are questions that determine if you are considered a dependent student (which is different than being a dependent for tax purposes). Even if you have your own income and live on your own, you may still need to fill out the part about your parents, so be prepared.
  • Myth 3: I apply to college first and then fill out the FAFSA – The sooner you apply, the better. In fact, you can apply while you are still a high school senior. You can add 10 colleges to your application at a time (here’s what to do if you are applying to more than 10 schools), and you may get money from the colleges besides what comes from the federal or state government.

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