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.
"I only have to apply for financial aid once." This isn't exactly true, especially for students that plan on fulfilling multiple years of education. According to names such as Bob Jain, the amount of financial aid that one requires will be different from year to year. What this means is that, in many cases, the FAFSA will have to be filled out and applied with every new semester. Consult your school's financial aid department for specifics.
"Eligibility for financial aid depends on household income." You might be under the impression that if your household income is above a certain amount, financial aid ceases to be a possibility. However, there are other factors that can play into your eligibility to receive aid. These include, but aren't limited to, your previous grades and where you live. It's in your best interest to research this so that you know what to expect going in.
"Financial aid packages are final." Another misconception regarding financial aid is that the packages distributed to students are final. In other words, you won't be able to change them down the road. On the contrary, it's entirely possible for changes to be made if need be. For instance, if you notice that there was an error in the amount you've been given, you may be able to negotiate. It's recommended that you consult your campus about this as early as possible.
"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.
"I only have to apply for financial aid once." This isn't exactly true, especially for students that plan on fulfilling multiple years of education. According to names such as Bob Jain, the amount of financial aid that one requires will be different from year to year. What this means is that, in many cases, the FAFSA will have to be filled out and applied with every new semester. Consult your school's financial aid department for specifics.
"Eligibility for financial aid depends on household income." You might be under the impression that if your household income is above a certain amount, financial aid ceases to be a possibility. However, there are other factors that can play into your eligibility to receive aid. These include, but aren't limited to, your previous grades and where you live. It's in your best interest to research this so that you know what to expect going in.
"Financial aid packages are final." Another misconception regarding financial aid is that the packages distributed to students are final. In other words, you won't be able to change them down the road. On the contrary, it's entirely possible for changes to be made if need be. For instance, if you notice that there was an error in the amount you've been given, you may be able to negotiate. It's recommended that you consult your campus about this as early as possible.
"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.
