Provided by: Collegeboard.org

Don't Believe Everything You Hear
Literally billions of dollars in financial aid is available to those who need help paying for college. Yet lots of misinformation clouds the facts about what type of aid is available and who is eligible. Here are some myths dispelled for students confronting the process of securing financial aid.

College Is Just Too Expensive for Our Family
Despite the media hype about rising college costs, a college education is more affordable than most people think, especially when you consider college graduates earn an average of $1 million more over their careers than high-school graduates. The average yearly cost of a four-year public school in 2002-2003 is just $4,081. There are some expensive schools, but high tuition is not a requirement for a good education.

There's Less Aid Available than There Used to Be
In fact, student financial aid in 2001-2002 rose to a record level of more than $90 billion. Most students receive some form of aid. Less of this aid now comes in the form of grants, however; most aid is awarded through low-interest loans or institutional and other grants. You should consider carefully the financing packages you've been offered by each college to determine which makes the most financial sense.

My Parents' Income Is Too High to Qualify for Aid
Aid is intended to make a college education available for students of families in many financial situations. College financial aid administrators often take into account not only income but also other family members in college, home mortgage costs, and other factors. Aid is awarded to many families with incomes they thought would disqualify them.

My Parents Saved for College, So We Won't Qualify for Aid
Saving for college is always a good idea. Since most financial aid comes in the form of loans, the aid you are likely to receive will need to be repaid. Tucking away money could mean you have fewer loans to repay, and it won't mean you're not eligible for aid if you need it. A family's share of college costs is calculated based mostly on income, not assets such as savings.

I'm not a Straight "A" Student, So I Won't Get Aid
It's true that many scholarships reward merit, but the vast majority of federal aid is based on financial need and does not even consider grades.

If I Apply for a Loan, I Have to Take It
Families are not obligated to accept a low-interest loan if it is awarded to them. "In my opinion, everybody should apply for financial aid," says Tally Hart, Director of Student Financial Aid at The Ohio State University. "Student loans are at all-time low interest rates." She recommends applying and comparing the loan awards with other debt instruments and assets to determine the best financial deal.

Working Will Hurt My Academic Success
Students who attempt to juggle full-time work and full-time studies do struggle. But research shows that students who work a...